Oil prices fell by about 2% ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October

Brazil, the world’s eighth-largest hydrocarbon producer, exceeded the 5 million barrels per day mark of combined oil and natural gas output for the first time in July, the National Petroleum Agency (ANP) reported

U.S. crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd, according to data released by the Energy Information Administration (EIA)

In a client note, Barclays energy analyst Amarpreet Singh reiterated a constructive stance on the sector, citing resilient demand and persistent supply constraints among major producing nations

The Organization of the Petroleum Exporting Countries pumped 27.38 million barrels per day last month, up 270,000 bpd from June’s revised total, the survey showed

OPEC+ has decided to increase its crude oil supply by 547,000 barrels per day (bpd) starting September 1, thus completing the restoration of the 2.2 million barrels per day (mbpd) that was withdrawn from the market in 2023

Oil prices declined for a third consecutive session on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity

In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its forecasts for global oil demand growth unchanged for 2025 and 2026, following reductions in April, stating that the economic outlook remained robust

The increase in OPEC+ oil production is not leading to a buildup in inventories, indicating that global markets remain in demand for more crude, ministers from OPEC nations and executives from major Western oil companies stated

The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted U.S. producers to slow activity this year, the Energy Information Administration forecast in a monthly report