The OPEC and its allies have agreed to accelerate oil production increases for the second consecutive month, raising output by 411,000 barrels per day (bpd) in June

U.S. crude oil stockpiles rose unexpectedly last week as imports jumped, while both gasoline and distillate inventories fell more than expected, the Energy Information Administration said

The United States issued new sanctions targeting Iran’s oil exports, including against a China-based “teapot refinery”, as President Donald Trump’s administration seeks to ramp up pressure on Tehran

The IEA said global oil demand will grow at its slowest rate for five years in 2025, and U.S. production rises will also taper off due to U.S. President Donald Trump’s tariffs on trading partners and their retaliatory moves

Given the weak growth outlook amid a global trade war, the bank expects that oil demand will rise by only 300,000 bpd between the end of last year and the end of 2025

The statistical division of the U.S. Department of Energy has adjusted its annual U.S. and global oil demand growth projections for both this year and the next

“At YPF, we’re on the path to becoming an unconventional company, which allows us to be resilient in the face of low crude prices,” said YPF CEO Horacio Marín

New U.S. tariffs and an unexpected production increase from OPEC+ could trigger what the Bank of America called a “negative commodity demand shock”

Russia has ordered the Black Sea terminal handling Kazakhstan’s oil exports pumped by U.S. majors Chevron and Exxon Mobil to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ over excess production

by 135,000 barrels per day in May.

That would be the second monthly increase under a plan to unwind some of the millions of barrels per day of cuts the group has had in place since 2022