- Oil is down as Trump announces new round of tariff threats
- The WTI prompt-month contract fell $0.54 to $67.84/ Bbl Thursday morning (7:45 AM CT)
- The new tariffs include a 50% rate on Brazil
- President Trump also said the US would be installing a 50% tariff on copper imports starting August 1
- Rystad estimates that tariffs will drive up offshore oil and gas project costs by 8% year-over-year, and by 12% for onshore developments
- These estimates do not account for the newly announced copper import duties or the increased steel tariff rate, also set at 50%
- OPEC discussing quota hikes pause (Bloomberg)
- The organization has a tentative plan to increase the production quota for September by ~550 MBbl/d
- This would completely unwind all 2.2 MMBbls of stalled production a full year ahead of schedule
- Key OPEC+ producer believe that crude prices could sink if production hikes continue past September
- According to delegates, the next phase of unwinds will involve OPEC+ reducing an additional 1.6 MMBbl/d in voluntary cuts
- The organization has a tentative plan to increase the production quota for September by ~550 MBbl/d
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