Crude Oil and Refined Products Market Review and Outlook  The global market price of crude and refined petroleum products have been declining since the second window of February 2025. This has been largely attributed to the uncertainties in the global economy introduced by the US imposition of tariffs on some of its trade partners. The impact of the US-China announcement of retaliatory tariffs has been attested to by CITAC Africa, who espouse that the uncertainty in the tariff trade war...

Crude Oil and Refined Products Market Review and Outlook  Crude prices on the international market have since the second window of February witnessed a sustained downward trajectory . This is largely attributed to the uncertainties in the global economy introduced by the US imposition of tariffs on some of its trade partners. According to CITAC Africa, the uncertainty in the US/China tariff trade war will continue to cloud global economic growth and influence global crude and petroleum products demand. The...

Crude Oil and Refined Products Market Review and Outlook  Although the first quarter of 2025 saw an average increase of 1.38% in global oil prices, recent weeks have seen a sharp decline due to global uncertainties driven by the ongoing tariff war between the US and China. The uncertainty in the US/China tariff trade talks will continue to cloud global economic growth and fuel demand going into the second quarter of the year. Data shows that Brent spot prices declined...

Crude Oil and Refined Products Market Review and Outlook Global crude prices rose by an average of about 1.38% in the first quarter of 2025 compared to the last quarter of 2024. Prices reached their highest point in February, with Brent spot prices soaring as high as $83 per barrel. CITAC Africa attributed this rise primarily to “the trade-war-provoking rhetoric and actions of the new Trump Administration in the United States.” The rise in crude prices during the quarter can...