China's oil imports from Russia remain stable despite price cuts and growing domestic demand. Shipments from Saudi Arabia declined due to price increases and production cuts.

Recent heat waves have disrupted refinery operations in Southern Europe, leading to a drop in supplies. Factors such as reduced inventories, unplanned outages and the loss of Russian raw materials helped to boost refining margins.

Asian refiners are facing challenges from declining Kuwaiti oil exports, prompting China to diversify its supply sources.

Norwegian oil group DNO restarts production at a key field in Iraqi Kurdistan after shutdown due to regional tensions. Discover the evolution of oil exports, the legal stakes and the complex relations between Baghdad, Kurdistan and neighboring Turkey.

Maurel & Prom strengthens its presence in the Gabonese oil industry with the acquisition of Assala Energy for $730 million, extending its operational reach in the region.

South Korea's release of Iran's blocked assets held in local banks is unlikely to lead to a resumption of Iranian oil trade for the time being, said government officials as well as banking and refining industry sources in Seoul and Tehran.

Kazakhstan's oil expansion clashes with OPEC+ commitments, while tensions in the Black Sea raise concerns about export security. Differences of opinion among analysts concern quota compliance and the risks associated with the country's dependence on the Caspian Pipeline Consortium (CPC).

Equinor Canada is planning an exploration drilling program for its Bay du Nord project, supported by the Hercules platform, while the Terra Nova project is preparing to resume production with major upgrades.

Global oil demand is at an all-time high, with annual growth forecast at 2.2 million barrels per day in 2023, bringing the total to 102.2 mb/d, while oil market tensions arising from OPEC+ production cuts to support prices could tighten the market further in the autumn, driving prices higher.

OPEC oil production is declining due to drastic cuts by Saudi Arabia to support prices, while global demand is expected to increase in 2023 and 2024.

The anticipated rise in oil prices, fuelled by Saudi production cuts, is prompting non-OPEC producers to increase their output, supporting global supply growth, while forecasts from the US Energy Information Administration reveal a record increase in US oil production.

The spread between high and low sulfur fuel oils has reached an all-time low, reflecting the unprecedented challenges facing the oil market.

Oil prices rose slightly despite demand concerns in China and a rise in US crude inventories, thanks to production cuts by Saudi Arabia and Russia. Saudi Arabia continues to support OPEC+ market stabilization measures.

Production Reduction Strategy to Preserve the Economy: How Aramco Responds to Oil Sector Challenges

The UK government approves the Teal West project in the North Sea despite controversy, but regulatory delays and uncertainty in the UK oil sector pose challenges.

Chinese oil major Petrochina joins global oil giants in expressing interest in building strategic oil reserves in India. BP, Shell, Trafigura, Vitol, Glencore, Vopak and KNOC also expressed interest during roadshows in seeking private investment for these reserves.

Opep+ maintains its strategy of production cuts until the end of 2024, with the support of Saudi Arabia and Russia. JMMC recommends stability in the oil industry despite economic challenges.

OPEC+ ministerial panel keeps oil production policy unchanged, despite higher prices due to the extension of the Saudi reduction. Russia joins the cuts, while Algeria hesitates.

Ecuador oil referendum: Waorani of Yasuni reserve determined to resist oil development. Armed with blowpipes and conviction, they are mobilizing to protect their territory and preserve the biodiversity of the Ecuadorian Amazon.

The Moroccan justice system is investigating 9 oil companies, including TotalEnergies, for anti-competitive practices in the distribution of hydrocarbons. Suspected price fixing.

Libya's energy market is getting a new lease of life, with three international oil companies back in business after a decade's absence. Production reached 1.2 million barrels per day, marking an economic recovery.

Weekly commercial crude oil reserves in the United States fell by a record 17 million barrels, far exceeding analysts' forecasts, according to the EIA. This sharp reduction in inventories has triggered a reaction on the market, leading to a fall in Brent and WTI prices.

BP's Bernard Looney forecasts growth in oil demand supported by OPEC+ discipline and lower US production. Despite economic uncertainties, his comments underscore a positive outlook for the oil market.

The United Arab Emirates' oil giant, Adnoc, has announced measures to achieve carbon neutrality by 2045, five years ahead of the original 2050 target, attracting attention as the country hosts COP28 later this year.

BP saw its net profit fall in Q2 due to lower oil prices, but announced a positive outlook for Q3.