European Union countries adopted a 14th package of sanctions on Russia that aims to close some loopholes and hits Russia’s gas exports for the first time, EU foreign ministers said

OPEC said steady global economic growth has continued in the first half of 2024 and forecast that world oil demand would rise by 2.3 million bpd in the second half

The Organisation of the Petroleum Exporting Countries pumped 26.63 million barrels per day (bpd) last month, up 145,000 bpd from April, a survey stated

OPEC+ agreed to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production

Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco, pending final approval from Crown Prince Mohammed bin Salman

The increase in global oil inventories during April, due to weak fuel demand, could strengthen the rationale for OPEC+ producers to maintain supply cuts at their meeting on June 2

The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth, widening the gap with producer group OPEC in terms of expectations for this year’s global demand outlook

OPEC stuck to its forecast for strong growth in global oil demand in 2024 and said it would switch to focus on projected demand for OPEC+ crude,

The ministry attributed this result to the rise in Russian crude prices in the international market and to the tax changes implemented last February

OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but they could keep the cuts if demand fails to pick up