Oil prices extended losses during Asian trading and were headed for weekly declines due to renewed concerns over oversupply following a report that OPEC+ may be considering another production hike

Russian Deputy Prime Minister Alexander Novak announced that Russia is ready to supply China with an additional 2.5 million tons of oil per year via Kazakhstan

The International Energy Agency (IEA) said that economic challenges, along with record electric vehicle sales, will reduce global oil demand growth to 650,000 barrels per day (bpd) for the remainder of 2025

OPEC has announced that it is maintaining its forecast of a 1.3% year-on-year increase in global oil demand for both 2025 and 2026, while expecting a notable rise next quarter

The number of fracturing stages reached 2,214 during the fourth month of the year, according to a report from the Fundación Contactos Energéticos

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 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