The International Energy Agency estimates that the oil production surplus, given the rapid increase in crude entering the market from OPEC+ and a slowdown in demand growth, has averaged 1.9 million barrels per day since the beginning of the year

The US issued new sanctions targeting Iran’s oil exports, including measures against a Chinese “teapot refinery,” as the Trump administration seeks to ramp up pressure on Tehran

The OPEC+ alliance, led by Saudi Arabia and Russia, has agreed to a new increase in crude oil production for November of 137,000 barrels per day, marking its eighth consecutive monthly increase

USA, Israel, and Ecuador each submitted their filings to the U.S. Court of Appeals for the Second Circuit in New York, while Chile, Italy, Uruguay, Romania, and Ukraine jointly submitted their filing

The filing before the U.S. Court of Appeals for the Second Circuit was made Monday by the provinces of Mendoza, Chubut and Santa Cruz, which, as oil producers, are shareholders in YPF

Spanish oil company Repsol has begun producing oil in the Leon-Castile basin in the state of Louisiana, strengthening its footprint in the United States, a key region in its 2024–2027 strategic plan

Russia has lowered its gas production and export forecasts while raising oil export projections for 2025, as the fallout from the war in Ukraine and strained relations with the West continue to weigh on its energy sector

U.S. President Donald Trump renewed his call for European countries to stop buying Russian oil, arguing that Russia will abandon the war in Ukraine if crude prices drop

In its monthly oil market report, the IEA estimated that global inventories will rise by an average of 2.5 million barrels per day (bpd) in the second half of the year as supply far outpaces demand

OPEC made no changes to its relatively high global oil demand growth forecasts for this year and next, and said the world economy was maintaining a solid growth trend in the second half of this year