• WTI price declines Sunday’s discussions between Ukrainian and US officials could increase Russian Oil supply.
• Ukrainian Defense Minister Rustem Umerov emphasizes efforts to safeguard energy and critical infrastructure.
• Iraq aims to boost Oil production capacity beyond 6 million barrels per day (bpd) by 2029.

West Texas Intermediate (WTI) Oil price continues to decline for the second consecutive session, trading around $68.00 per barrel during Asian hours on Monday. The drop comes as geopolitical tensions ease following discussions between Ukrainian and US officials in Riyadh on Sunday, which may lead to an increase in Russian Oil supply to global markets, according to Reuters.

Efforts to negotiate a ceasefire are ongoing, with President Trump advocating for an end to the three-year war. Ukrainian Defense Minister Rustem Umerov highlighted measures to protect energy and critical infrastructure. Meanwhile, a US delegation is set to meet with Russian officials on Monday to push for a Black Sea ceasefire and broader de-escalation in Ukraine.

Reuters quoted Toshitaka Tazawa, an analyst at Fujitomi Securities, who noted, “Expectations of progress in peace negotiations between Russia and Ukraine and a potential easing of US sanctions on Russian Oil pressured prices lower.” He added that investors remain cautious, assessing future OPEC+ production trends beyond April.

In the Middle East, Iraq is planning to expand its Oil production capacity beyond 6 million barrels per day (bpd) by 2029, according to the state news agency. Iraq’s Oil ministry undersecretary, Bassem Mohamed Khodeir, stated that the country aims to achieve this goal through Oil exploration and extensive drilling efforts, citing a recent agreement with BP to redevelop four Kirkuk Oil and gas fields.

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