Geopolitical factors and restrictions on imports influence the oil price 

The global crude market was tightened over the OPEC nations' supply cuts and the restrictions the US imposed on Iran's exports. The global trade volume declined for the first time since 2008 – 2009 between December and February as the trade volume contracted by 0.8 per cent. 

The US crude stocks grew in the week of April 26, per API data, where the market focus shifted to major producers undergoing crises like Venezuela. The US had imposed sanctions on imports from Iran, where the waiver was granted to eight importers, including China, Turkey, and India.

The meeting of the oil-producing nations is expected to take place in June, where the participating countries will discuss the production policies, and it is anticipated that Washington will increase pressure on the group of nations to increase output to cover up the shortfall created by the restrictions from Iran. 

On the last day of April, the global benchmark crude was above $73 a barrel. The market emerged from the disrupting geopolitical factors caused by Venezuelan opposition leader Juan Guaido's call to get military backing to end Maduro's rule. 

The market remained positive that the opposition leader would not be able to come to power, leading to the rise in price to over $75 a barrel. 

The US crude inventories grew in the previous weeks, and Venezuelan trade remained restricted due to US sanctions; it is believed that Venezuela's production will remain low, and the OPEC nations may be unable to deliver more due to several other regional issues. 

Saudi Arabia to Introduce Alternative Trade Currency 

The global trade currency dollar is facing major issues with Saudi Arabia planning to sell the crude in other currencies instead of the dollar, especially if the US passes the anti-OPEC bill. 

The kingdom is discussing implementing the proposal with other members. If the proposal is sanctioned, it will affect the power of the dollar to run the financial markets and the ability of the US to impose sanctions on other nations. 

This is the strategy prepared to deal with NOPEC that will allow the Justice Department to sue countries to work together and limit supplies to regulate prices. 

The US representatives said Saudi has benefited from the vast supplies of cheap oil trade in the unfree market at US expense. If true, the kingdom is preparing to go to extremes to protect its unfair advantage in global markets. 

Currently, the market is at the junction where supply risks and rising prices influence trade. Also, the major producers have not disclosed their policies. 

Experts believe the markets will remain volatile where geopolitical factors like the escalation of tensions in Libya, Iran's curbs, supply issues in Nigeria, and the Venezuelan crisis can create a complex, uncertain atmosphere. Goldman Sachs estimates the Brent price to remain in the $70 to $75 range a barrel in the year's second quarter.