**Crude Oil and Gasoline Prices Decline Amid Stronger Dollar and Easing Geopolitical Tensions**
As of March 1, 2026, March WTI crude oil prices dropped by $3.27 (5.01%) to settle significantly lower, while March RBOB gasoline fell by $0.0887 (4.57%). This decline is attributed to a strengthening U.S. dollar, which reached a one-week high, and reduced geopolitical risks as diplomatic talks between the U.S. and Iran are set to take place in Istanbul on Friday. Venezuelan crude exports rose sharply to 800,000 barrels per day (bpd) in January from 498,000 bpd in December, further pressuring prices.
The International Energy Agency (IEA) has revised its 2026 global crude surplus estimate to 3.7 million bpd, down from 3.815 million bpd. The U.S. Energy Information Administration (EIA) reported a slight decrease in U.S. crude production, which fell by 0.3% to 13.696 million bpd for the week ending January 23, nearing its record high. Additionally, active U.S. oil rigs remained unchanged at 411, still significantly lower than the highs seen in late 2022.
OPEC+ is scheduled to meet this Sunday to review production policies, where they are expected to maintain current production levels despite previously announced increases. Consequently, the market outlook remains influenced by ongoing geopolitical dynamics and fluctuations in supply.
