Global oil news

Here are some recent global oil news updates:

OPEC+ Agrees to Increase Oil Production

OPEC+ has agreed to increase oil production by 400,000 barrels per day (bpd) in July, following a meeting on June 5. This decision comes after the group had previously agreed to reduce production by 1.2 million bpd in May. The increase is seen as a response to rising global demand and concerns about supply disruptions.

US Oil Production Reaches Record High

The United States has reached a record high in oil production, with output reaching 12.3 million bpd in May, according to the Energy Information Administration (EIA). This is the highest level of oil production in the country's history, and is driven by the growth of shale oil production in states such as Texas and North Dakota.

Iran Sanctions Impact Oil Prices

The US has reimposed sanctions on Iran, which has led to a significant impact on the country's oil exports. Iran's oil exports have fallen to around 1 million bpd, down from 2.5 million bpd before the sanctions were imposed. This has led to a rise in oil prices, with Brent crude reaching $75 per barrel in June.

Libya Oil Output Disrupted

Libya's oil output has been disrupted due to clashes between rival factions in the country. The National Oil Corporation (NOC) has reported that oil production has fallen to around 100,000 bpd, down from 1.2 million bpd before the clashes began. This has led to concerns about the impact on global oil supplies.

Venezuela Oil Crisis Deepens

Venezuela's oil crisis has deepened, with the country's oil production falling to around 500,000 bpd, down from 2.5 million bpd in 2015. The country's oil industry is struggling due to a lack of investment, corruption, and US sanctions.

China's Oil Demand Growth Slows

China's oil demand growth has slowed, with the country's oil demand increasing by just 1.1% in May, according to the EIA. This is down from a growth rate of 3.5% in 2018. The slowdown is due to a decline in China's economic growth, as well as increased competition from alternative energy sources.

Russia's Oil Production Reaches Record High

Russia's oil production has reached a record high, with output reaching 11.4 million bpd in May, according to the Energy Ministry. This is driven by the growth of oil production in the country's western regions, particularly in the Khanty-Mansiysk Autonomous Okrug.

Oil Prices Rise on Supply Concerns

Oil prices have risen due to concerns about supply disruptions, particularly in Libya and Iran. Brent crude has risen to around $75 per barrel, while West Texas Intermediate (WTI) has risen to around $70 per barrel.

These are just a few of the recent global oil news updates. If you would like more information or have specific questions, please let me know!