Global oil prices declined more than 3% on Friday amid growing concerns about a weakening economic outlook and record U.S. crude production. International benchmark Brent crude fell to $64.12 per barrel, while U.S. West Texas Intermediate dropped to $54.82.
European Central Bank President Mario Draghi warned of persistent economic weakness in the eurozone, while U.S. February job growth slowed to 20,000 new positions—the weakest pace in months. These developments fueled fears of a broader global economic slowdown, with Asia’s growth also showing signs of moderation.
A 2017 photo highlighted ongoing challenges in the energy sector as U.S. crude output surged to 12.1 million barrels per day by early 2018, making it the world’s top producer. This growth, driven by record shale production, has countered OPEC-led supply cuts and pressured prices.
Investment bank Jefferies noted that major energy firms like Exxon Mobil and Chevron have accelerated shale development, potentially limiting price gains. Meanwhile, China’s February crude imports remained above 10 million barrels per day, though exports fell 21% year-on-year—the steepest decline in three years.
U.S. crude exports reached 3.6 million barrels per day in February, surpassing the output of several OPEC members. Analysts warned that continued supply growth could further strain prices as demand fundamentals weaken.
