Global oil prices experienced notable fluctuations during February 2025.
At the beginning of the month, prices rose due to policies implemented by U.S. President Donald Trump, including the cancellation of Chevron’s license to operate in Venezuela, which raised concerns about a potential reduction in supply. For example, Brent crude futures rose by 0.3% to $72.72 per barrel, while U.S. West Texas Intermediate (WTI) futures increased by 0.2% to $68.78 per barrel.
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However, prices declined in the middle of the month, with April Brent futures dropping below $75 per barrel. This decline followed a previous 2% increase, where prices had reached $76 per barrel, influenced by concerns about supply disruptions due to attacks on oil facilities.
In Jordan, local fuel prices were impacted by global fluctuations. The Ministry of Energy and Mineral Resources announced an increase in the prices of certain petroleum products for February 2025. The price of 90-octane gasoline rose by 15 fils to 885 fils per liter, while 95-octane gasoline increased by 10 fils to 1110 fils per liter. The price of diesel rose by 30 fils to 720 fils per liter, while kerosene remained stable at 620 fils per liter.
These price changes are attributed to several factors, including international policies related to oil production and exports, geopolitical tensions, as well as changes in global supply and demand.
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