Topic
oil production
Commodities OPEC+ Agrees in Principle on 188,000 b/d Output Hike for August, Delegates Say
OPEC+ preliminarily agreed to increase oil output quotas by 188,000 b/d in August, delegates said. The increase, if ratified, would add to a total of 940,000 b/d since the war began. Restored shipments after the US-Iran peace pact have created a surplus in Asian markets and erased the war rally.
Commodities Venezuelan Crude Exports More Than Double Amid US Licence Restoration and Strong Tanker Demand
Venezuela's seaborne crude exports have more than doubled in 2026, rising from 620,000 bpd in January to 1.5m bpd by mid-June, following US licence reinstatements. The US is the top destination, accounting for 44.7% of exports, while aframaxes dominate tanker liftings at 38%. Vitol and Trafigura are marketing cargoes, and SLB has signed a long-term agreement with PDVSA.
Commodities Russia Admits Oil Production Decline Amid Ukrainian Attacks
Russia has admitted a decline in oil production due to Ukrainian drone attacks on refineries. This marks the first official acknowledgment of production issues in 2026.
Commodities ONGC Partners with BPXS to Boost Offshore Production
ONGC has engaged BP Exploration Services India (BPXS) to enhance production from its western offshore fields, excluding Mumbai High. The collaboration aims for a 24.1% increase in oil and gas output over a decade.