Oil Prices Fluctuate as Geopolitical Tensions and Production Outages Persist

Recent developments in the Russia-Ukraine conflict and oil field disruptions influence global oil markets.

Brent crude prices have maintained a level above $70 per barrel, supported by production outages in Norway and Kazakhstan.
The Johan Sverdrup oil field in Norway temporarily halted production due to a power outage, affecting 36% of Norway's total oil output.
Kazakhstan's Tengiz oil field has reduced output by up to 30% this month due to maintenance, exceeding initial estimates of a 20% cut.
Escalating tensions between Russia and Ukraine, including the U.S. authorizing Ukraine to use long-range missiles, have added to market volatility.
Despite current supply tightness, analysts anticipate potential price declines in 2025 with increased U.S. oil production under the new administration.