Crude oil prices are declining significantly in markets from Europe to West Africa; Thanks to a new wave of American exports.

Expectations indicate that oil shipments to Europe will rise by a third above the April rate. This heralds a period of price stability as peak demand season approaches.
This decline is attributed to the recovery in shipments of West Texas Intermediate (Midland) crude, which has come to dominate the European market, and its decline to its lowest levels in more than a year.

The prices of “Fortis” crude in the North Sea, “Azeri Light” crude in the Mediterranean, and Caspian Sea crude also declined.

Market data indicate that this decline is due to the increase in US crude flows with the end of seasonal maintenance operations for European refineries.

While this increase in exports is expected to contribute to price stability in the short term, some analysts warn of the possibility of a return to the rise with the start of the peak demand season for gasoline and jet fuel.

It is also expected that limited supplies of “sour crude” in Europe during June will contribute to supporting prices, especially with Saudi Arabia and Iraq raising their official selling prices.

Current developments in oil markets indicate the possibility of price stability in the short term, with fluctuation in the long term depending on geopolitical and seasonal factors.