The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, putting stockpiles down for a second week in a row.

Global energy demand rose 1% last year and record renewables growth did nothing to shift the dominance of fossil fuels, which still accounted for 82% of supply, the industry’s Statistical Review of World Energy report said

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