Global oil supply will fall by 4.3 million barrels per day, or around 4%, this year, the International Energy Agency said, as renewed hostilities in the Middle East disrupt supplies and plunge the world deeper into an oil-market deficit
OPEC oil output rose further in July, a Reuters survey found, as Gulf members restored supplies that were shut due to the Iran war and effective closure of the Strait of Hormuz
Oil prices edged lower as investors assessed signs that the Gulf states and Iran are moving closer to an agreement to reopen the Strait of Hormuz under a temporary arrangement designed to pave the way for broader negotiations aimed at ending the regional conflict
Russia slightly increased crude and condensate output in July from June by around 100,000 barrels per day (bpd) to above 9 million bpd, supported by strong oil exports and a recovery in refinery throughput
Goldman Sachs expects Brent crude to trade in an $80–90 per barrel range until either a new agreement is reached between the United States and Iran or the conflict in the region escalates significantly through broader attacks or new targets
OPEC+ said that seven of its key members agreed to raise oil production by 188,000 barrels per day (bpd) in September as part of ongoing efforts to support market stability
Brazil’s state-run oil company Petrobras reported average oil and natural gas output of 3.281 million barrels of oil equivalent per day (boed) in the first half of the year, up 15.1% from the same period in 2025
OPEC+ oil-producing countries will likely agree a further hike in output targets from September, even though the Iran war is again hindering some of its members from pumping more
The International Energy Agency (IEA) said it is closely monitoring oil markets as rising tensions in the Middle East fuel concerns over energy supply security
Gulf countries boosted crude oil and condensate exports in the first half of July to the highest levels since before the Iran war began in late February, shipping data showed, although flows through the Strait of Hormuz are now slowing as fighting escalates
