Crude oil and gasoline prices drop today, impacted by dollar strength and stock market weakness. Concerns about energy demand persist. Geopolitical risks, including threats from Russian President Putin and Venezuelan airspace closure, support crude prices. Reduced crude exports from Russia also contribute to price support.

Aramco’s price cut for Arab Light crude oil signals weakened energy demand. Russian oil product shipments hit a 3-year low in November. Ukrainian attacks on Russian refineries and infrastructure have limited Russia’s export capabilities. Recent drone attacks on Russian tankers and an oil terminal have further exacerbated the situation.

OPEC+ confirms production pause in Q1 of 2026 due to emerging global oil surplus. The IEA forecasts a record global oil surplus of 4.0 million bpd for 2026. OPEC+ is working to restore production cuts made in early 2024 but still has 1.2 million bpd left to restore. OPEC’s November crude production decreased slightly.

Crude oil stored on stationary tankers declines, according to Vortexa data. OPEC revises global oil market estimates to show a surplus in Q3, with US production exceeding expectations. EIA raises 2025 US crude production estimate. US crude inventories remain below seasonal averages.

US oil rig count rises by +6 to 413 rigs, recovering from a 4-year low. The number of US oil rigs has fallen significantly over the past 2.5 years. No positions in mentioned securities. Information in the article is for informational purposes only. Published on Barchart.com.

Read more at Yahoo Finance: Crude Prices Fall on Dollar Strength and Energy Demand Concerns