The National Iranian Oil Company (NIOC) and Russian gas producer Gazprom signed a memorandum of understanding worth around $40 billion, Iran’s oil ministry’s news agency SHANA said

Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 78,000 barrels per day (bpd) to a record 5.445 million bpd in August, the U.S. Energy Information Administration (EIA) said in its productivity report

OPEC expects international oil demand to rise in 2023 however at a slower tempo than 2022, the producer group said in its first forecast for subsequent 12 months, citing nonetheless strong financial progress and progress in containing COVID-19 in China

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