Oil prices remained steady on Wednesday as investors assessed the potential impact of U.S. President Donald Trump’s newly announced energy policies.
Brent crude oil, against which Nigerian oil is priced, rose to $79.38 per barrel while U.S. West Texas Intermediate (WTI) crude rose to $75.84.
Investors King gathered that President Trump, on his first day in office, declared a national energy emergency as he looks to overhaul the energy sector and set his own rules.
The plan includes rolling back environmental protections by withdrawing the U.S. from the Paris Climate Agreement and expediting permitting processes to boost oil and gas production.
The announcement has sparked discussions among investors about its implications for global oil markets.
Key areas of focus include the potential filling of the U.S. Strategic Petroleum Reserve and proposed trade policies, which could involve tariffs on oil imports from Canada and Mexico and halting crude purchases from Venezuela.
Also, a severe winter storm in the U.S. Gulf Coast has caused limited disruption to Texas’s oil and gas operations but impacted production in North Dakota.
In related developments, Saudi Aramco CEO Amin Nasser projected an increase in global oil demand by approximately 1.3 million barrels per day in 2025, signaling a robust market outlook.
The steady oil prices suggest that investors are cautiously optimistic despite the potential for policy-driven volatility.
While the market has not reacted dramatically to Trump’s declaration, analysts expect that the long-term effects of the administration’s energy agenda could reshape the dynamics of global supply and demand.
As the market anticipates further details on Trump’s energy policies, stakeholders remain watchful of potential shifts in production levels, international trade relations, and environmental considerations.
