Brent crude oil, a benchmark in Europe, closed the session on the Intercontinental Exchange at $0.49 below $66.12 at the end of transactions on Tuesday.
The decline in Brent was influenced by the International Energy Agency’s (IEA) monthly report, which cautioned that additional oil production by the Organization of the Petroleum Exporting Countries (OPEC) and its allies risks destabilizing the crude oil market.
The IEA lowered its estimates for global consumption to an average of 103.737 million barrels per day (mbd) by 2025, which is 20,000 barrels less than anticipated in July.
Meanwhile, OPEC slightly revised upward its forecast for global crude demand in 2026 this week, though it maintained unchanged projections for 2025.
This decision reinforced the group’s optimistic outlook, as it has supported the production increases it has implemented monthly since April to reverse the voluntary cuts adopted in 2023.
Investors await the scheduled talks between U.S. President Donald Trump and Russian counterpart Vladimir Putin on Friday in Alaska regarding the war in Ukraine, a situation that has impacted oil markets since February 2022.
U.S. Treasury Secretary Scott Bessent warned that if the meeting fails, additional sanctions or secondary tariffs may be imposed on Moscow, statements echoed by about 30 leaders in a joint video conference with Trump.
