U.S. West Texas Intermediate crude oil ended the session down $4.63 at $53.95, or 7.9%—the biggest percentage decline since February 2015.
According to a new report by Wood Mackenzie, Japan could lose its pole position as the world’s top LNG importer to China as early as 2022.
Political pressure and incidents of contaminated crude cut into Russia’s European dominance.
Despite lower supplies, crude oil prices have fallen from a six-month high above $75 a bbl in April to below $63 on July 5, pressured by concern about slowing economic growth
OPEC+ to extend cuts but Iran’s oil minister laments the growing influence of Russia and Saudi Arabia.
Last year, Trump pulled the United States out of the multinational deal under which sanctions on Iran were lifted in return for curbs on its nuclear program, verified by the International Atomic Energy Agency (IAEA).