Oil prices plummeted, erasing their gains for the year, after a deal to restore Libyan supplies shifted market focus back to concerns about weak global crude demand

Although the project and the start and end locations are not yet confirmed, the proposal is gaining momentum as it would reduce investment costs, simplify construction, and provide various benefits to gas transportation

OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand

The measure was adopted after identifying exportable balances, following the granting of preferential marketing rights to ensure domestic supply

The International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on consumption

In a monthly report, the OPEC said world oil demand will rise by 2.11 million barrels per day in 2024, down from growth of 2.25 million bpd expected last month

Industrial output of hydrocarbons and mining in Argentina recorded an 8.2% increase in the first half of the year, according to official sources

The Argentine government authorized Total Austral, a subsidiary of the French group TotalEnergies, to sell up to one million cubic meters of gas per day to Matrix Energy Participacoes

Russian President Vladimir Putin’s oil point man said that there was no friction with OPEC+ due to Russia exceeding crude production quotas and that the world’s second largest oil exporter would compensate for its overpumping