Archive · 13 Dec 2025
Oil Prices Drop Amid Supply Concerns
Oil prices went down on Friday, ending the week with a 4% loss.
This happened because there is too much oil in the market, and people think a peace deal between Russia and Ukraine might happen.
The U.S. seized a Venezuelan oil tanker, but that didn't make a big difference in oil prices.
The International Energy Agency said there will be too much oil next year, but OPEC thinks the supply and demand will be balanced.
Some things, like the U.S. and Venezuela not getting along and Ukraine attacking a Russian oil rig, could have made prices go up, but the extra oil in the market was more important.
Russia's oil exports didn't drop much in November, which also helped keep prices low.
Oil prices closed lower on Friday, marking a 4% weekly decline due to oversupply concerns and potential Russia-Ukraine peace deal.
Brent crude futures settled at $61.12 a barrel, while U.S. West Texas Intermediate crude was at $57.44.
The U.S. seized a sanctioned oil tanker off the coast of Venezuela, but traders largely ignored the impact on oil prices.
International Energy Agency forecasts indicate global oil supply will exceed demand by 3.84 million barrels per day in 2026.
Russia's seaborne oil product exports in November fell by just 0.8% from October, with refinery maintenance offsetting declines in southern routes.
- Who
- Oil traders, analysts, International Energy Agency (IEA), OPEC, U.S. President Donald Trump, Venezuela, Russia, Ukraine
- What
- Oil price decline due to oversupply concerns and potential Russia-Ukraine peace deal
- When
- December 12, 2025 (Friday)
- Where
- Global oil markets, Venezuela, Caspian Sea, Russia, Ukraine
- Why
- Supply glut, potential Russia-Ukraine peace deal, ample market supply, U.S. seizure of Venezuelan oil tanker
- Brent Crude Price (December 12, 2025)
- $61.12 per barrel
- US West Texas Intermediate Crude Price (December 12, 2025)
- $57.44 per barrel
- Weekly Oil Price Decline
- 4%
- Global Oil Supply Excess (2026 IEA Forecast)
- 3.84 million barrels per day
- Russia's November Seaborne Oil Product Exports Decline
- 0.8% from October
Sources
India’s Russia oil imports at 1.5 million barrels per day so far in December
Russia’s oil export revenues fall to lowest level since 2022: IEA
Crude Oil Prices Rise Due To US-Venezuela Tensions, But Still Set To Fall This Week
Russian oil export sees steep fall in November amid US sanctions, revenue down by $3.6 billion YoY: IEA report
Russian Oil exports drop sharply in November as sanctions concerns weigh on buyers: IEA
India’s Russian oil imports rise 4% in November, hit five-month high despite US sanctions impact
India’s Russian Crude Imports Hit 5-Month High in November: Report
