Oil Prices Stable Amidst Geopolitical Tensions
Update: 2025-12-05
Description
Oil prices remained steady this week, with Brent crude at around sixty-three dollars per barrel, despite increased Russian exports and potential Venezuelan military actions. Saudi Arabias price cuts for Asian buyers suggest weaker demand, while Chinese refiners are buying Iranian crude at a discount. Chevron is investing in Australian LNG, Thailand is advancing climate goals, and Turkey has extended its Gazprom deal. The EU plans to ban Russian LNG and pipeline gas by 2027 to reduce energy dependence.
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