World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said, although sky-high oil prices and weakening economic forecasts dimmed the future outlook

OPEC has stuck with its forecast that world oil demand will exceed pre-pandemic levels in 2022, although the producer group said Russia’s invasion of Ukraine and developments around the coronavirus pandemic pose a considerable risk

Efforts by OPEC+ oil producers to boost output are “not encouraging”, UAE energy minister Suhail al-Mazrouei said, noting the group was currently 2.6 million barrels per day short of its target

U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said

The two European energy companies, which have joint ventures with Venezuelan state-run oil company PDVSA, can count the crude cargoes toward unpaid debts and late dividends

Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer

An EU embargo on oil imports from Russia could result in significant shortages of oil and oil products in Europe, Russian Deputy Prime Minister Alexander Novak said, calling cooperation with OPEC+ “effective”

Some OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation’s ability to produce more, the Wall Street Journal reported, citing OPEC delegates

European Union countries are negotiating a deal on Russian oil sanctions that would embargo shipment deliveries but exempt oil delivered by pipeline to win over Hungary and unblock a sixth package of measures against Moscow, officials said

OPEC+ is set to stick to an oil manufacturing deal agreed final yr at its assembly on June 2 and lift July output targets by 432,000 barrels per day