Saudi Aramco believes market fundamentals remain “sound” for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering

Russia may account for almost a third of Indian Oil’s crude oil imports in the current financial year, an executive at the company said

Iran’s crude exports and oil output have hit new highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source familiar with the matter

British oil major Shell announced plans to boost returns to shareholders and keep oil output steady, as part of its strategy to simplify the group’s business and improve investor confidence

Oil investors appear to be adjusting expectations for tight crude supplies later this year, with the gap between nearer-term and further prices weakening despite the OPEC+ producers’ group plan to deepen production cuts

OPEC left its 2023 global oil demand growth forecast steady for a fourth month, although the producer group warned that the world economy faced rising uncertainty and slower growth in the second half of the year

The U.S. Department of Energy said it awarded supply contracts to five companies to deliver 3.1 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel

Global demand for crude oil is continuing to rise but supply growth remains limited and will lead to higher prices later this year, a Pioneer Natural Resources PXD.N executive said

Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices

OPEC oil output fell in May after Saudi Arabia and other members of the OPEC+ alliance made voluntary output cuts to support the market, a Reuters survey stated, although increases elsewhere in the group limited the decline