OPEC July oil output surges as Gulf voluntary cuts end

OPEC oil output has risen by over 1 million barrels per day in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance

Shell dives to USD18.1B loss on virus-hit oil market

Royal Dutch Shell posted a colossal net loss of USD18.1 billion for the second quarter, blaming massive asset writedowns on the coronavirus-hit oil market, and flagged that job cuts are on the way

Mexico’s Pemex narrows losses in second quarter, but debt rises

Mexico’s Petroleos Mexicanos (Pemex) reduced losses during the second quarter even as crude prices fell during the coronavirus pandemic, the national oil company said

US crude, distillate stockpiles rise unexpectedly

US crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said, as a sharp outbreak in coronavirus cases hit US consumption

EIA: US crude stockpiles rise unexpectedly last week

US crude oil stockpiles rose last week even as refineries hiked output, while gasoline inventories decreased and distillate inventories rose, the Energy Information Administration said

Angola resists OPEC pressure to comply fully with oil cuts

Saudi Arabia has been heading efforts to press laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions and compensate for May overproduction in July-September

OPEC has cut oil output by 1.25 mbpd in June

OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies

BofA sees oil demand recovering

Bank of America (BofA) Global Research has lifted its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure

Iraq agrees with oil companies on deeper output cuts in June

Iraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, as it aims to improve its compliance with its output cut targets under the global deal with OPEC+

PDVSA to cut crude output at western venture as inventories rise

The plan to shut wells at the onshore portions of the Lagunillas and Bachaquero fields near Lake Maracaibo is due to a lack of available storage space as inventories mount due to a drop in exports