Latest oil news

Here are the latest oil news updates:

Global Oil Market

• OPEC+ agrees to increase oil production: The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have agreed to increase oil production by 400,000 barrels per day (bpd) in July, according to a report by Bloomberg. This decision comes as the global oil market is facing a shortage of supply due to the COVID-19 pandemic and the ongoing conflict in Ukraine. (Source: Bloomberg)
• Global oil demand to recover slowly: The International Energy Agency (IEA) has forecast that global oil demand will recover slowly in the coming years, with demand expected to reach 100 million barrels per day (mb/d) by 2025, up from 92 mb/d in 2020. The IEA attributed the slow recovery to the ongoing pandemic and the shift towards cleaner energy sources. (Source: IEA)

Regional Oil News

• US oil production to reach record high: The US Energy Information Administration (EIA) has forecast that US oil production will reach a record high of 12.3 million barrels per day (mb/d) in 2023, up from 11.3 mb/d in 2020. This increase is driven by the growth of shale oil production in the Permian Basin and other regions. (Source: EIA)
• Saudi Arabia to increase oil production: Saudi Arabia, the world's largest oil exporter, has announced plans to increase its oil production capacity to 13 million barrels per day (mb/d) by 2027, up from 12.3 mb/d currently. This increase is part of the country's efforts to diversify its economy and reduce its dependence on oil exports. (Source: Reuters)
• Iran to increase oil production: Iran has announced plans to increase its oil production to 4.5 million barrels per day (mb/d) by the end of 2023, up from 3.8 mb/d currently. This increase is part of the country's efforts to recover from the impact of US sanctions on its oil industry. (Source: Bloomberg)

Oil Prices

• Oil prices rise on OPEC+ decision: Oil prices rose on the news of OPEC+ agreeing to increase oil production, with Brent crude oil prices reaching $74.50 per barrel and West Texas Intermediate (WTI) crude oil prices reaching $72.50 per barrel. (Source: Bloomberg)
• Oil prices to remain volatile: Despite the increase in oil production, oil prices are expected to remain volatile in the coming months due to the ongoing pandemic and the uncertainty surrounding the global economy. (Source: Reuters)

Other Oil News

• Shell to invest in renewable energy: Royal Dutch Shell has announced plans to invest $25 billion in renewable energy over the next decade, as part of its efforts to reduce its carbon footprint and transition to cleaner energy sources. (Source: Bloomberg)
• ExxonMobil to invest in carbon capture: ExxonMobil has announced plans to invest $100 million in carbon capture and storage technology, as part of its efforts to reduce its carbon footprint and meet global climate goals. (Source: Reuters)