OPEC+ has decided to increase its crude oil supply by 547,000 barrels per day (bpd) starting September 1, thus completing the restoration of the 2.2 million barrels per day (mbpd) that was withdrawn from the market in 2023
Oil prices declined for a third consecutive session on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity
In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its forecasts for global oil demand growth unchanged for 2025 and 2026, following reductions in April, stating that the economic outlook remained robust
The increase in OPEC+ oil production is not leading to a buildup in inventories, indicating that global markets remain in demand for more crude, ministers from OPEC nations and executives from major Western oil companies stated
The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted U.S. producers to slow activity this year, the Energy Information Administration forecast in a monthly report
OPEC+ agreed to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped – and then retreated – following Israeli and U.S. attacks on Iran
Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday as they seek to regain market share
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
