"Crude oil futures settled lower on the week as the market eyed a potential for rising global supply amid signs of internal OPEC+ tensions.
Prompt-dated June WTI settled at $63.02/b April 25, a gain of 23 cents on the day but down $1.66/b from the April 17 close. Front-month ICE Brent ended the April 25 session up 32 cents at $66.87/b but still down $1.09/b from its week-ago level.
Selling pressure emerged midweek after Kazakh Energy Minister Erlan Akkenzhenov on April 23 roiled crude markets when he said Kazakhstan would pursue its own “national interests” when determining production levels, raising doubts about the country’s commitment to fulfilling output cuts as part of the OPEC+ producer group"
Yes but the trend has changed. Oil demand was growing largely due to China. That has stagnated massively. The change is trend of demand links with a change in the supply from Russia. I’m not on expert on these matters and I don’t want to come across like that.
But it seems if China didn’t stop increasing we would have had price issues.
With dropping oil prices American firms won’t want to drill. Also imports of materials has gone up and China has stopped buying American LNG.