Brent eased 18 cents, or 0.3%, to $64.49 per barrel , WTI fell 16 cents, or 0.3%, to $61.17.

Its target scenario sees output of 540 million tons at the end of this decade and also by midcentury, a document published Monday showed. That’s equivalent to about 10.84 million barrels a day and is only marginally above volumes in 2023, the baseline for the paper. Shipments abroad are also expected to hold steady.

The global oil demand growth forecast for 2025 is revised down slightly to 1.3 mb/d, y-o-y. This minor adjustment is mainly due to received data for 1Q25 and the expected impact on oil demand given recently announced US tariffs.

Brent lost $2.38, or 3.79%, to $60.44 a barrel, WTI fell $2.46, or 4.13%, to $57.12.

Brent were up 81 cents, or 1.26%, at $65.02 per barrel, WTI rose 92 cents, or 1.52%, to $61.61.

The Committee valued the additional voluntary production adjustments made by the 8 OPEC plus countries which were announced in April and November 2023 in supporting market stability.

These primarily impact China and India, who are the largest buyers of Russian oil. Both have begun turning away Russian tankers over the past few days in anticipation of the move.

Brent gained 7 cents, or 0.1%, at $73.86 a barrel, WTI ose 10 cents, or 0.1%, to $69.75 a barrel.

Lower LNG demand from China is also providing near-term relief for European buyers competing for shipments. The Asian country’s purchases are forecast to fall this year for the first time since 2022,

Brent fell 19 cents, or 0.3%, to $70.37 a barrel, WTI was down 20 cents, or 0.3%, to $66.70.

There have also been reports that Nord Stream 2 could be taken under new ownership with a view to allowing Russian gas to flow via the undamaged string of the link.

Brent fell 5 cents to $70.9 a barrel, WTI shed 10 cents to $67.58 a barrel.

Furthermore, the eight countries reiterated their collective commitment to full conformity with the additional voluntary production adjustments as agreed under the 53rd JMMC meeting on April 3, 2024. T

Brent rose 24 cents or 0.33% to $72.77 a barrel, WTI were up 18 cents or 0.26% at $68.80 per barrel.

Ofgem's new cap of 1,849 pounds ($2,334.18) a year for average use of electricity and gas is up 111 pounds, or 6.4%, from 1,738 pounds under the previous cap.