Oil prices are seeing a decline fueled by rising US crude oil inventories and concerns over the impact of the Trump administration's tariffs and OPEC's desire to increase production.

Saudi Aramco reported a decline in net profit for the year 2024, resulting in reduced dividends as falling oil prices impacted revenues. The dividend cut is anticipated to affect Saudi Arabia's budget amid ongoing economic reforms.

The oil and gas industry, which initially welcomed Trump's energy policies, is now facing rising costs due to tariffs on essential materials, affecting production forecasts.