Oil Prices Decline as Kazakhstan Prioritizes National Interests

Oil prices declined around 1% as Kazakhstan signaled it would prioritize its own production interests over OPEC+ output agreements, raising concerns about potential oversupply. This development overshadowed earlier gains driven by U.S. sanctions on an Iranian shipping network and data showing falling U.S. crude inventories. Weak U.S. growth forecasts, ongoing Iran nuclear talks, and expectations that OPEC+ will increase output further contributed to market uncertainty and volatility. Should sanctions on Iran ease following successful negotiations, increased Iranian oil supply could intensify downward pressure on prices. Meanwhile, regional crude benchmarks like Azeri Light and Brent also saw notable price drops, reflecting broader market sentiment. Investors are closely monitoring geopolitical developments and OPEC+ strategies as they could significantly impact global oil prices and related industries.