U.S. crude oil production hit a record 13.47 million barrels-per-day in April, up from 13.45 million bpd in March, according to data released by the Energy Information Administration

The global oil market is expected to move toward a mid-term balance, despite ongoing geopolitical tensions in the Middle East, as supply increases and demand growth slows, the International Energy Agency (IEA) said

U.S. crude oil inventories fell, while gasoline and distillate stocks rose during the week ending June 6, the Energy Information Administration (EIA) reported

The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.75 million barrels per day (bpd) last month, 150,000 bpd more than in April, according to the survey, with Saudi Arabia posting the largest increase

The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers

Oil prices traded slightly lower as investors largely stayed on the sidelines ahead of a highly anticipated OPEC+ meeting that could offer key signals about future supply levels

Russian Deputy Prime Minister Alexander Novak stated that the OPEC+ group has not yet discussed increasing oil production by an additional 411,000 barrels per day ahead of its upcoming meeting

Oil prices extended losses during Asian trading and were headed for weekly declines due to renewed concerns over oversupply following a report that OPEC+ may be considering another production hike

Russian Deputy Prime Minister Alexander Novak announced that Russia is ready to supply China with an additional 2.5 million tons of oil per year via Kazakhstan

The International Energy Agency (IEA) said that economic challenges, along with record electric vehicle sales, will reduce global oil demand growth to 650,000 barrels per day (bpd) for the remainder of 2025