The oil industry braces for increased uncertainty: tariffs, price volatility, and investment risks

The global oil industry finds itself at a critical juncture as price volatility and tariff uncertainties threaten to disrupt production and investment in the coming months. Oil prices recently fell below USD 60 per barrel, a level not seen since 2021, prompting producers to prepare for further potential declines. According to a report by Wood Mackenzie, titled “Is oil price volatility a threat to upstream production, investment and supply chains?”, a drop to USD 50 per barrel could result in the loss of 1.2 million barrels per day by 2026.