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07/05/2025
Reminder: The two-day FOMC monetary policy meeting of the Federal Reserve has started.
Latest
4 m ago
US State Department: Rubio will integrate the Palestinian Affairs Office into the US Embassy in Jerusalem.
7 m ago
African Union-IGAD joint delegation visits South Sudan to discuss recent developments.
18 m ago
On Tuesday, the Korean won against the US dollar finally fell by 0.10% to 1378.51 Korean won.
19 m ago
The United States had already lowered its forecast for crude oil production before the latest round of plummeting oil prices.
19 m ago
Before the oil price fell below $60 per barrel in the most recent round of declines, prompting shale oil producers to start planning contraction plans, the United States had already lowered its forecast for domestic crude oil production for this year. The "Short-Term Energy Outlook" released by the U.S. Energy Information Administration (EIA) on Tuesday shows that the daily crude oil production in the United States in 2025 is expected to be 13.42 million barrels, a decrease of about 100,000 barrels from the previous month's forecast. This forecast does not take into account the latest U.S. tariff levels or the production increase agreed upon by OPEC and its allies over the weekend. With the escalating trade war initiated by President Trump and the increase in production by OPEC+, which led to a sharp drop in oil prices, expectations for U.S. crude oil production may be further revised downward. Several major U.S. shale oil producers are planning to cut the number of drilling rigs, with Diamondback Energy Inc. stating this week that U.S. shale oil production may have already peaked. EIA expects U.S. daily crude oil production to decline by 70,000 barrels to 13.49 million barrels next year from previous forecasts. EIA predicts that global daily average crude oil demand this year will increase to 103.7 million barrels, an increase of 100,000 barrels from previous forecasts.
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