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Crude oil is one of the most sought after commodities in the world today. Its applications range from energy production to its application as a feedstock for transportation fuels and petrochemical products such as plastics, solvents and adhesives. As a result, the oil industry is one of the most powerful sectors of the world economy, and changes in benchmark oil prices have a major impact on almost all sectors of production and consumption. More than four billion tons of oil are produced worldwide each year, with the Middle East having the largest share of proven oil reserves, close to 50%.

Following US President Donald Trump's threat of sanctions against Russia should it fail to establish a cease-fire with Ukraine, WTI crude increased 1% to $67 per barrel on Friday. Trump stated that because of the continuous attacks, he was "strongly considering" imposing tariffs on Russian imports and imposing penalties on Russian banks. WTI fell to $68.22 earlier in the day after Russian Deputy Prime Minister Alexander Novak stated that OPEC+ would stick to its April output increase plan but might modify production levels later. Despite this, worries about Russia's actions dominated market sentiment, overshadowing other stories like the Israel-Hamas conflict. Concerns over oversupply are raised by OPEC+'s April production increase, the possible reopening of the Kirkuk-Ceyhan pipeline, and increased output at Kazakhstan's Tengiz field. For the week, the benchmark fell 3.9%, marking a seventh consecutive weekly loss, the longest losing streak since December 2023.

Global oil reserves: 1.7 trillion barrel. Estimated daily global oil demand in 2022: 99.4 million barrel. Global oil production in 2021: 4.25 billion tons. Despite growing concerns about the use of fossil fuels, oil consumption remains at an all-time high. The US is the country with the highest oil consumption worldwide, followed by China, whose oil demand has increased steadily over the past decade. Due to the lack of significant reserves in the country, China is also the world's top oil importer.