When US President Donald Trump was inaugurated to his second term as president on Jan. 20, oil prices were close to the highs of the summer before. By early May, they had plunged by nearly a quarter.

Perceptions of oversupply among oil market participants from increasing OPEC+ output and uncertainty about the economic impact of tariffs have raised short-term oil price volatility, the U.S. Energy Information Administration said on Tuesday.

Kazakhstan has no plans to reduce its record-high crude and condensate output in May, further straining the OPEC+ alliance by repeatedly exceeding its production quota.