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

All production from any new future developments in Argentina’s Vaca Muerta shale basin will be directed to exports, the CEO of state-controlled oil company YPF said

Oil prices will decline significantly in the coming months as rising OPEC+ output drives a large buildup in inventories, the U.S. Energy Information Administration (EIA) said

The schedule indicates that in total the members need to deliver monthly cuts ranging from 190,000 barrels per day to 829,000 bpd to comply with output targets

Oil prices fell by about 2% ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October

Brazil, the world’s eighth-largest hydrocarbon producer, exceeded the 5 million barrels per day mark of combined oil and natural gas output for the first time in July, the National Petroleum Agency (ANP) reported

U.S. crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd, according to data released by the Energy Information Administration (EIA)

In a client note, Barclays energy analyst Amarpreet Singh reiterated a constructive stance on the sector, citing resilient demand and persistent supply constraints among major producing nations

The Organization of the Petroleum Exporting Countries pumped 27.38 million barrels per day last month, up 270,000 bpd from June’s revised total, the survey showed