Saudi Arabia records $1.54bln in POS transactions in one week UAE non-oil growth hits fastest pace since December 2024, PMI shows Oman’s non-oil exports rise 11.4% to $9.3bln, re-exports jump 20% UAE participates in second G20 Finance Ministers and Central Bank Governors meeting Saudi Arabia and Syria sign 4 pacts to boost cooperation in transport and logistics sectors Geological assets drive mining, manufacturing growth in Fujairah RAK Chamber explores trade, investment opportunities at UAE-Lebanon Business Forum Saudi Arabia agrees to raise Pakistani agricultural and food exports to $3bln UAE investment council launches data tools to boost overseas investment Oman's public revenue rises 13% to $17.2bln in first half of 2026 Saudi Arabia’s construction costs rise 2.3% in July 2026 ADIB provides $37mln Islamic financing for Glasgow logistics hub Oman’s tea and coffee imports hit record highs Total value of Bahraini exports hit $5.04bln Oman: ARA eyes Q3 2027 gas pipeline launch Oman: Sohar International establishes innovation hub at Terminal 11 to support fintech growth Bahrain's Benefit unveils Digital Direct Debit service Saudi: Civil Defense requires third-party insurance for licensing and renewals of certain activities Saudi PIF annualised total shareholder returns fall to 5.8% as some assets lose value Saudi Aramco offers crude outside Hormuz to some Asian refiners, sources say Ten agreements signed to localise electrical transformer component manufacturing in Oman Khareef lifts Salalah Airport passenger arrivals by 8% Fuel tanker grounding: NCEM activated in Oman Oman to develop four industrial cities under Five-Year Development Plan 2026-2030 Saudi Arabia breaks into world’s top 10 for private AI investment: World Bank report Kuwait Petroleum Corporation posts three-year profit high of $6.9bln in FY 25/26 HSBC Private Bank appoints Feras Al Jaramani to lead its UAE Market UAE extends small business relief for corporate tax until December 2029 Saudi business sector surges with 46,900 new companies in 1H 2026 Solar power set for strong growth in Qatar

Log in

عربي

Media Centre

Home » Media Centre

Oman oil rises for fifth day on supply concerns after Venezuela tariffs

Oman oil rises for fifth day on supply concerns after Venezuela tariffs

Oman oil rises for fifth day on supply concerns after Venezuela tariffs

Mar 27, 2025

MUSCAT: The official price of Oman oil for May delivery reached $74.44 on Tuesday, March 25. The price of Oman oil increased by 93 cents compared to Monday's price of $73.51.

The monthly average price of Omani crude oil for March delivery reached $80.26 per barrel, an increase of $7.10 compared to February delivery.

Meanwhile, international oil prices rose on Tuesday for a fifth day on expectations that global supply may tighten after the US announced tariffs on countries that buy Venezuelan crude, although Opec+ plans to go ahead with an output hike in May limited gains.

Brent crude futures were up 46 cents, or 0.6%, at $72.74 a barrel by 1023 GMT. US West Texas Intermediate crude climbed 41 cents, also 0.6%, to $69.49.

Both benchmarks rose more than 1% on Monday after US President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela. Oil is Venezuela's main export and China, which is already the subject of US tariffs, is its largest buyer.

"Oil firmed up on the latest tariff moves by the US, although gains were capped by reports of Opec+ moving to increase output further in May," Panmure Liberum analysts said in a note.

The Trump administration also on Monday extended a deadline to May 27 for US producer Chevron to wind down operations in Venezuela.

The withdrawal of Chevron's licence to operate could reduce production in the country by about 200,000 barrels per day, according to ANZ analysts.

Meanwhile, Opec+, the Organization of the Petroleum Exporting Countries and allies including Russia, will likely stick to its plan to raise oil output for a second consecutive month in May, sources said, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction.

Last week, the US issued new sanctions intended to hit Iranian oil exports.

Trump also said automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks, a move Wall Street took as a sign of flexibility on a matter that has roiled markets for weeks. — Agencies