The closure of the CPC pipeline that carries oil from Kazakhstan to the Black Sea Russian export terminal in the port of Novorossiisk would shut in more than 1% of global oil supply

The oil and gas industry is “under siege” due to years of under-investment, the OPEC Secretary General Mohammad Barkindo said, adding the resulting supply shortage could be eased if extra supplies from Iran and Venezuela were allowed to flow

Oil rose as supply concerns driven by lower OPEC output, unrest in Libya and sanctions against Russia outweighed fears of a demand-sapping global recession

OPEC+ said it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards as prices have risen on tight global supplies and worries that the group has little ability to pump more crude

At its last gathering in early June, OPEC+ decided to raise output each month by 648,000 barrels per day (bpd) in July and August, compared with a previous plan to add 432,000 bpd over three months

Schlumberger is looking at the offshore oil sector as a major driver of growth, Le Peuch said. He pointed to an expected 50% increase in offshore investment over the next four years, compared with the period from 2016 to 2019

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