Trump tariffs on Venezuelan oil drive up prices on global markets
Oil prices started the new week higher. The move follows US President Donald Trump’s announcement that he plans to impose a 25 percent tariff on countries that buy oil and gas from Venezuela. Sanctions on Iranian exports are also contributing to the rise. However, prices were held back by reports that the OPEC+ group is likely to increase production in May, as well as talks on ending the war in Ukraine, which could boost Russian oil supplies to global markets.
At around 18:50 CET, the price of North Sea Brent crude was up 0.9 percent at 72.84 dollars per barrel. US light crude WTI gained almost one percent, trading at 68.95 dollars per barrel.
The United States announced new sanctions on Thursday targeting Iranian oil exports. The measures also targeted a Chinese processor of the oil.
The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and its allies led by Russia, is likely to stick to its plan and increase production in May for a second consecutive month, Reuters reported, citing sources. The group accounts for more than 40 percent of global oil production and is expected to raise output by 135.000 barrels per day in May. Since 2022, the group has cut production by 5.85 million barrels per day in an effort to support oil prices, equivalent to about 5.7 percent of global supply.
Oil prices in dollars per barrel (about 159 litres):
| EXCHANGE | TYPE | CONTRACT | CURRENT PRICE | PREVIOUS CLOSE |
| London – ICE | Brent | May | 72,84 | 72,16 |
| New York – NYMEX | WTI | May | 68,95 | 68,28 |
Translation disclaimer
This article is a machine translation of the Czech original and has not yet been fully reviewed. In case of any doubt, please refer to the Czech version.
