Trump signs tariff executive order on a broad range of countries
August 1, 2025
New US jobs created in July slowed down and was reported this morning at 73,000 new nonfarm jobs and the expectation was 100,000.
OPEC+ meets on Sunday, and the expectation is that they will approve another increase in production to release the remaining 550,000 barrels of their voluntary cuts.
President Trump signed an executive order that adjusted the “reciprocal” tariffs on a whole host of trading partners with the new rates ranging from 10% to 41%. The most common tariff applied is 15%
There are tankers filled with Russian crude oil anchored off the cost of India as Indian refiners wait for clarification from their government on whether they can accept the cargoes. Three of the four tankers have been sanctioned by the EU and/or the UK. As we know the US has said they will apply a 100% tariff on any imports from a country that buys Russian crude.
The United States told the United Nations Security Council that US President Donald Trump has made it clear that he wants a deal to end Russia’s war in Ukraine by August 8. Senior diplomat John Kelley said the US is prepared to implement additional measures to secure peace.
Analysts are keeping their oil price forecast unchanged for 2025, as an increase in OPEC+ output and ongoing US tariff uncertainty weigh on the market. The continued risk of supply disruption from war in Ukraine and the Middle East is providing some support. According to a Reuters survey, Brent crude is forecast to average $67.84 per barrel in 2025 and US crude oil is expected to average $64.61 per barrel, largely in line with last month’s estimates of $67.86 per barrel and $64.51 per barrel.
The EIA said US crude oil production increased to a record 13.49 million barrels per day in May, even as oversupply concerns pushed prices for the commodity to four-year lows. It said US crude output was up 24,000 barrels per day in May from the prior record of 13.46 million bpd in April.