Crude exports from the world’s largest oil exporter fell to 6.01 million barrels per day (bpd) in July, down about 11.6% from the previous month’s 6.8 million bpd and the lowest since June 2021

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility

The Organization of the Petroleum Exporting Countries (OPEC) said data-based forecasts do not support the International Energy Agency’s (IEA) projection that demand for fossil fuels would peak in 2030

According to the report, OPEC expects that global oil demand will rise by 2.25 million barrels per day in 2024, compared to the growth of 2.44 million bpd in 2023

The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, even though most Russian crude is trading above the limit because of a rally in global crude prices

Saudi Arabia and Russia agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices

The Organization of the Petroleum Exporting Countries has pumped 27.56 million barrels per day (bpd) this month, up 220,000 bpd from July

Barclays raised its Brent price forecast for 2024 by $8 per barrel to $97 a barrel as it expects market balances to tighten further next year

Goldman Sachs sees less of a downside risk to oil prices from higher-than-expected inventories, noting that lower OECD commercial stocks could add US$2 to its end-2023 Brent outlook of US$86 per barrel

Saudi Arabia’s crude oil exports dropped in June to the lowest level in 21 months, the latest data by the Joint Organizations Data Initiative (JODI) showed