
Global oil demand growth is averaging 0.97 million bpd so far this year, right in line with our 1 million bpd forecast, wrote J.P. Morgan #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities #commoditiesmarket
Market Brief
Daily market recaps with key events, stock movements, and global influences
No significant news reported for I:OSX today.
No new news for I:OSX as of July 10, 2025
I:OSX closed at 62.26 on July 9, rebounding from a July 7 low of 59.78
Volatility increased, with a sharp move from 59.78 to 62.93 on July 8
With no fresh headlines impacting I:OSX, recent price action is the primary focus. The index has recovered from a July 7 low of 59.78 to close at 62.26 on July 9, showing notable volatility and a strong short-term rebound.
In the absence of new catalysts, traders should monitor technical levels and momentum for direction. Sustained moves above recent highs could indicate further buying interest, while a pullback toward 60 may signal renewed caution.
Stay alert for macro or sector-specific news that could break the current pattern. Until then, price action and volume remain the key signals for intraday strategy.
No significant news reported for I:OSX today.
No new news for I:OSX as of July 10, 2025
I:OSX closed at 62.26 on July 9, rebounding from a July 7 low of 59.78
Volatility increased, with a sharp move from 59.78 to 62.93 on July 8
With no fresh headlines impacting I:OSX, recent price action is the primary focus. The index has recovered from a July 7 low of 59.78 to close at 62.26 on July 9, showing notable volatility and a strong short-term rebound.
In the absence of new catalysts, traders should monitor technical levels and momentum for direction. Sustained moves above recent highs could indicate further buying interest, while a pullback toward 60 may signal renewed caution.
Stay alert for macro or sector-specific news that could break the current pattern. Until then, price action and volume remain the key signals for intraday strategy.
7 posts • GPT (4.1 mini)
Published
Democratic Senator Sheldon Whitehouse, a prominent climate advocate in the US Senate, delivered his 300th speech on climate change on July 9, 2025. The speech, titled "Time to Wake Up," was given shortly after Congress rolled back clean energy incentives, highlighting ongoing challenges in advancing climate policy. Senator Whitehouse criticized the Trump administration, asserting that it no longer governs independently but instead "occupies" the nation on behalf of the fossil fuel industry. Despite his extensive efforts, public concern about climate change has declined, with only 46% of adults now viewing it as a serious threat, down from 56% in 2021. Among young adults aged 18 to 34, concern has dropped 17 points since 2018 to 50%. Fellow lawmakers, including Senator Jeff Merkley and Representative Gabe Amo, expressed support for Whitehouse's dedication and criticized the Trump administration's ties to the fossil fuel sector.
15 posts • OpenAI (o3)
Published
Senior officials from three core OPEC producers—Saudi Arabia, the United Arab Emirates and Kuwait—said the cartel’s surprise decision at the weekend to raise its production ceiling again is being fully absorbed by the market, underscoring what they described as unexpectedly strong global demand for crude.
UAE Energy Minister Suhail al-Mazrouei told reporters at the OPEC seminar in Vienna that successive OPEC+ supply increases have failed to create a build-up in inventories, adding that “no one is talking about peak oil demand anymore.” The group’s eight voluntary cutters agreed on 5 July to lift output by a further 548,000 barrels a day in August, after adding about 411,000 barrels a day in each of May, June and July.
Read more
Global oil demand growth is averaging 0.97 million bpd so far this year, right in line with our 1 million bpd forecast, wrote J.P. Morgan #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities #commoditiesmarket
India’s oil demand is around 5.6 million bpd according to Indian’s energy minister @HardeepSPuri. He added that India is investing in all types of energy to keep up with demand and highlighted that green hydrogen is big on the agenda. #OOTT
The UAE Minister of Energy, Suhail Al Mazroui, said on Wednesday that global energy markets show a clear thirst for crude oil, noting that the gradual increases in the production of the “OPEC+” alliance are completely absorbed by the market, without leading to a buildup in stocks. During his participation in a seminar, Al Mazroui said
UAE Energy Minister: No one is talking about peak oil demand anymore, demand has surpassed predictions
Inventory did not increase even with OPEC plus production increases, reflecting strong market demand = oil-producing countries
9 posts • OpenAI (o3)
Published
Republican congressional leaders signaled growing momentum for sweeping new sanctions on Russia, with Senate Majority Leader John Thune and House Speaker Mike Johnson both endorsing legislation designed to tighten economic pressure on President Vladimir Putin.
The measure, drafted by Sen. Lindsey Graham and backed by roughly 80 bipartisan Senate cosponsors, would levy a 500% tariff on nations that continue purchasing Russian oil, gas or uranium—revenue streams that lawmakers say finance Moscow’s war in Ukraine.
Thune said he aims to bring the bill to a vote in the Senate "soon," potentially before the chamber’s August recess. Johnson told reporters he is "open" to advancing the package in the House, arguing that Congress must "send [Putin] a message" after the Kremlin showed no interest in meaningful peace talks.
15 posts • OpenAI (o3)
Published
The World Health Organization and other United Nations agencies warned on 9 July that Gaza’s health system is on the brink of collapse as fuel stocks run out following Israel’s months-long blockade. WHO said hospitals, water networks and ambulances have only hours or days of power left, and urged the immediate, unhindered entry of fuel, food and medical supplies through all crossings.
Al-Aqsa Martyrs Hospital in Deir al-Balah shut its main generator earlier this week after exhausting its fuel, while Al-Shifa in Gaza City, Nasser Medical Complex in Khan Younis and the neonatal unit at Al-Helou Hospital each reported less than 24 hours of reserves. Doctors say surgeries are being performed by flashlight and premature babies are being crowded into single incubators, putting hundreds of patients at imminent risk.
Read more
6 posts • OpenAI (o3)
Published
U.S. President Donald Trump announced a 30% tariff on goods imported from Iraq, according to multiple reports issued Wednesday. Details on the scope of products and the date the levy takes effect were not immediately disclosed.
The move adds a fresh layer to Washington’s recent use of trade measures as a foreign-policy tool, following earlier steep duties on Chinese goods. Economists warn that a blanket 30% surcharge on Iraqi imports could disrupt supply chains for oil-field equipment, construction materials and consumer products that flow through U.S. ports, while provoking retaliatory steps from Baghdad.
Trump Imposes 30% Tariff On Goods From Iraq
Trump Imposes 30% Tariff On Goods From Iraq 🇺🇸📦
US President Donald Trump slaps a 30% tariff on Iraq
🇺🇸🇱🇾 | NOW: Trump imposes 30% tariffs on Libya.
3 posts • GPT (4.1 mini)
Published
Negotiations between Iraq's federal government and the Kurdistan Regional Government (KRG) over resuming Kurdish oil exports to Turkey and addressing unpaid public salaries have stalled. Despite talks reaching what were described as the "final stages," Iraq's Cabinet failed to make decisions on these issues during its session on July 8. The ongoing deadlock extends a months-long political and budgetary crisis that has strained relations between Baghdad and Erbil. The impasse has resulted in an estimated $8 to $9 billion in lost income and about 400,000 barrels per day of Kurdish oil remaining offline. These talks are considered crucial for resolving the longstanding dispute between the two parties amid broader political and economic challenges in Iraq.
12 posts • OpenAI (o3)
Published
OPEC has barred five of the world’s biggest news organisations—Bloomberg, Reuters, the Wall Street Journal, the New York Times and the Financial Times—from attending its 9th International Seminar, which opened on Wednesday at Vienna’s Hofburg Palace. The two-day conference draws oil ministers from the cartel’s 13 members, officials from the wider OPEC+ alliance and senior executives from international energy companies.
The organisation gave no public explanation for the exclusions. Secretary-General Haitham Al-Ghais has previously defended OPEC’s right to control access, saying, “This is our house.” The decision extends similar restrictions imposed at earlier meetings and has raised fresh questions about transparency at a time when the group’s production policy is under close scrutiny.
Despite the media ban, delegates are expected to debate long-term investment needs, market stability and the role of fossil fuels in the energy transition. Speakers include Venezuelan vice-president and oil minister Delcy Rodríguez, alongside ministers from Saudi Arabia, the United Arab Emirates and other producing nations.
10 posts • OpenAI (o3)
Published
U.S. commercial crude inventories rose by 7.07 million barrels in the week to 4 July, the Energy Information Administration said on Wednesday, marking the largest build since January and confounding analysts’ expectations for a 1.6 million-barrel draw. The increase, the second consecutive weekly gain, lifted total stocks to 426 million barrels, still about 8 percent below the five-year seasonal average.
Refineries processed less oil, with utilization slipping to 94.7 percent. Gasoline inventories fell by 825,000 barrels and distillate stocks dropped 2.66 million barrels, sending distillate supplies to their lowest seasonal level since 1996. Net crude imports declined to 3.26 million barrels a day while exports climbed to 2.76 million. Domestic crude output eased by 48,000 barrels a day to 13.385 million.
The EIA said implied product demand fell 1.6 percent from a year earlier, though the four-week average for gasoline demand held steady. Following the report, West Texas Intermediate futures extended earlier losses as traders weighed the surprise crude build against still-tight product inventories.
Big crude bump! US commercial petroleum inventories rose 6.4 MMbbl last week, driven above all by a large counter-seasonal build in crude stocks (+7.1 MMbbl), albeit from immensely low levels for this time of year. Gasoline pulled back (-2.7) and diesel continued to fall (-0.8)
The EIA reports a 7 million barrel #crudeoil stock build despite a 1.3m b/d net drop in imports. #Gasoline and distillates both fell, the latter to a fresh 1996 seasonal low. Refinery runs slowed while implied gasoline demand (4-wk avg.) held steady #oott
As of today's report: At 426 million barrels, U.S. crude oil inventories are about 8% below the five year average for this time of year. Total motor gasoline inventories are about 1% below the five year average for this time of year. Distillate fuel inventories are about 23%
US Crude Imports by Origin in KBPD incl w/w changes Canada -462 to 3,766 Mexico +72 to 414 Saudi Arabia -203 to 148 Iraq -48 to 164 Colombia -51 to 124 Brazil +40 to 231 Nigeria -381 to 38 Venezuela -39 to 25 Ecuador +315 to 441 Libya +10 to 90 EIA #oott
EIA: U.S. REFINERY UTILIZATION SLIPS TO 94.7%; ETHANOL OUTPUT RISES, STOCKS FALL; HEATING OIL STOCKS UP, NET CRUDE IMPORTS DROP TO 3.26M BPD; PRODUCT DEMAND DOWN 1.6% Y/Y, CRUDE EXPORTS JUMP TO 2.76M BPD
5 posts • GPT (4.1 mini)
Published
Conflicting negotiations between U.S. Secretary of State Marco Rubio and Special Envoy Richard Grenell have undermined efforts to broker a prisoner swap with Venezuela. Both officials were reportedly working on separate agreements with Venezuelan authorities, leading to a breakdown in communication and ultimately the failure of the deal. Allies of Rubio have leaked information suggesting that some regime change advocates are attempting to sideline Grenell and his "America First" approach, which focuses on access to oil, reducing migration, and sanctions relief.
Critics argue that the opposing strategy resembles the previous Bolton administration's policy, which was linked to increased migration. Questions have also been raised about whether Grenell's independent negotiations were motivated by ambitions to replace Rubio as Secretary of State. The discord within the Trump administration's Venezuela policy team has drawn scrutiny, with observers noting the lack of coordination between senior officials despite claims of improved professionalism compared to the first Trump term.
7 posts • GPT (4.1 mini)
Published
Kazakhstan has announced plans to maintain its crude oil production at the current level through the end of 2025. This decision was confirmed by the country's Energy Minister and reported by multiple sources including IFX. The move indicates Kazakhstan's intention to keep oil output steady until the year-end, aligning with ongoing market conditions and production strategies.
8 posts • GPT (4.1 mini)
Published
Russian President Vladimir Putin has indicated that there is currently no need for OPEC+ to intervene in the oil markets. He acknowledged that the OPEC+ group, which includes Russia, projects rising global oil demand, particularly during the summer months, suggesting the bloc may continue with substantial output increases. Separately, Russian Deputy Prime Minister Alexander Novak emphasized the importance of preventing rapid increases in domestic gasoline prices during the summer and autumn. Novak urged oil companies to promptly restart refineries following repairs to avoid fuel shortages and stabilize the domestic market. These statements highlight Russia's dual focus on managing global oil supply through OPEC+ and maintaining stable fuel prices domestically.
5 posts • OpenAI (o3)
Published
Estonia is threatening to veto the European Union’s forthcoming 18th sanctions package against Russia unless the bloc agrees to tighten its price cap on Russian oil, according to Foreign Minister Margus Tsahkna.
Tsahkna said Tallinn considers the current draft “too weak” and will “have its say” if a lower cap is not included. EU sanctions require unanimous approval by member states, giving Estonia the ability to block the measure.
5 posts • OpenAI (o3)
Published
United Arab Emirates Energy Minister Suhail al-Mazrouei warned on 9 July that the world’s spare oil-production capacity is shrinking each year, with some producing countries already unable to match the volumes they pumped as recently as last month.
Al-Mazrouei said current OPEC+ supply hikes are being absorbed by the market without raising inventories, indicating persistent demand for crude and limited slack in the system. The minister cautioned that the erosion of spare capacity leaves the market more vulnerable to supply disruptions.
14 posts • OpenAI (o3)
Published
Turkey and Pakistan have agreed to let Turkish companies carry out oil and natural-gas exploration in Pakistan’s offshore waters, Turkish Foreign Minister Hakan Fidan announced at a joint press conference with his Pakistani counterpart Muhammad Ishaq Dar in Islamabad on 9 July.
The cooperation stems from an April 2025 accord between state-owned Turkish Petroleum Corporation and three Pakistani energy firms—Mari Energies, Oil and Gas Development Company and Pakistan Petroleum. The partners plan to submit joint bids for up to 40 blocks in the Makran and Indus offshore basins, marking the first time Turkish companies will operate in Pakistan’s offshore acreage.
Fidan said the deal is part of a broader push to expand economic ties, with Ankara and Islamabad aiming to lift bilateral trade to about $5 billion and deepen collaboration in mining, rare-earth elements, defence and infrastructure. Dar added that Turkish firms are also expected to participate in Pakistan’s power-sector privatisation and in a planned special economic zone for Turkish investors.
Turkish companies to explore oil and gas off Pakistan’s coast Turkish Foreign Minister Hakan Fidan announced the landmark move in Islamabad, saying a TPAO-Pakistan deal enables joint offshore energy exploration for the first time
🇹🇷 Foreign Minister Hakan Fidan speaks at a joint press conference with Pakistani Foreign Minister Mohammed Ishak Dar in Islamabad 🗣️❝ Turkish companies will explore for oil and natural gas off Pakistan ❞
❝ Turkish companies will explore for oil and natural gas off Pakistan ❞ Foreign Minister Hakan Fidan speaks during a joint press conference with Pakistani Foreign Minister Mohammed Ishak Dar in Islamabad
Turkish FM Hakan Fidan: Under a new deal, Turkish firms will explore oil and gas off Pakistan’s coast — a first of its kind.
Turkish Foreign Minister Hakan Fidan: Under a new deal, Turkish firms will explore oil and gas off Pakistan’s coast — a first of its kind.
7 posts • GPT (4.1 mini)
Published
The U.S. Energy Information Administration (EIA) has updated its energy outlook for 2025 and 2026, projecting stable natural gas production at 105.9 billion cubic feet per day in 2025 and slightly lower demand at 105.4 billion cubic feet per day in 2026, down from an earlier estimate of 106.4 billion. The EIA raised its forecast for the average price of West Texas Intermediate (WTI) crude oil to $65.22 per barrel in 2025, up from a previous estimate of $62.33, while lowering the 2026 price forecast to $54.82 from $55.58. Similarly, Brent crude prices are expected to average $68.89 per barrel in 2025, up from $65.97, but decline to $58.48 in 2026, down from $59.24.
Despite a record U.S. crude oil output of 13.4 million barrels per day (mbpd), inventories are building, gas prices are falling, and ethane exports to China are increasing. The EIA projects a crude oil surplus of 1.07 mbpd in 2025, up from an earlier surplus estimate of 0.82 mbpd, and a surplus of 1.13 mbpd in 2026, compared to a previous forecast of 0.56 mbpd. U.S. crude production fell by 38,000 barrels per day (kbpd) month-over-month to 13.37 mbpd in June 2025, with May production revised down from 13.56 mbpd to 13.41 mbpd. Production is expected to reach 13.48 mbpd by December 2025 and decline slightly to 13.25 mbpd by December 2026. The EIA also noted that OPEC+ crude production increased by 340 kbpd to 41.77 mbpd in June 2025, while approximately 2.5 mbpd of supplies were offline in June, slightly higher than 2.41 mbpd in May. The outlook indicates a slowing growth in U.S. crude output due to volatile oil prices and diminishing drilled but uncompleted wells (DUCs), with drilling activity remaining subdued despite price fluctuations.
11 posts • OpenAI (o3)
Published
Saudi Arabia and Indonesia have signed roughly $27 billion worth of investment agreements and memorandums of understanding spanning clean energy, petrochemicals and aviation-fuel services. The pacts were concluded on 2 July during Indonesian President Prabowo Subianto’s stop in Jeddah, Saudi state news agency SPA said.
The announcements followed President Prabowo’s meeting with Crown Prince Mohammed bin Salman at Al-Salam Palace, where the leaders pledged to deepen cooperation in crude-oil supply chains, mineral resources and other strategic sectors. According to SPA, two-way trade reached about $31.5 billion in the past five years.
Read more
7 posts • OpenAI (o3)
Published
The Organization of the Petroleum Exporting Countries opened its ninth International Seminar in Vienna, bringing together energy ministers, company executives and financiers on 9–10 July to discuss “Charting Pathways Together: The Future of Global Energy.” The meeting at the Hofburg Palace precedes next winter’s UN climate summit and is being watched for any signals on supply policy as demand recovers.
Read more
8 posts • GPT (4.1 mini)
Published
Qatar's Foreign Ministry has confirmed that indirect negotiations between Hamas and Israel regarding a ceasefire in Gaza are currently in an early 'framework' stage, focusing on preparing the groundwork for future discussions rather than finalizing a ceasefire deal. The talks are ongoing in Doha and have not yet entered the final phase. Qatar's Prime Minister and Foreign Minister have engaged in discussions with Egypt's Foreign Minister and Prime Minister, emphasizing the continuation of mediation efforts to halt hostilities in Gaza. Both parties stressed the importance of releasing prisoners and allowing humanitarian aid to enter Gaza as part of the negotiation priorities.
10 posts • OpenAI (o3)
Published
Iranian officials said Tehran has received several messages from Washington in recent days indicating that the United States is prepared to return to negotiations, according to comments carried by Al Jazeera and a Financial Times opinion piece by Iran’s foreign minister.
Deputy Foreign Minister Saeed Khatibzadeh and senior diplomat Abbas Araghchi separately told Iranian and regional media that the communications suggest a renewed American willingness to engage after earlier talks were interrupted. Khatibzadeh cautioned that any dialogue will require rebuilding trust, saying recent U.S. actions have left ‘no confidence’ and that the minimum conditions for talks must be restored.
#Iran’s DepFM Khatibzadeh: We’ve received messages from #US in recent days saying they’re interested in returning to negotiations. We were amid talks when the negotiating table was attacked. Negotiation needs minimum trust; the recent aggression has practically left no trust.
🇮🇷🇺🇸| Iranian deputy FM says Iran has received messages from US saying they’re interested in returning to negotiating table. Khatibzadeh says Iran was in the midst of talks when the negotiation table was attacked. Negotiation needs minimum trust, but recent aggression left no
Deputy Foreign Minister Khatibzadeh said: “There have been messages from the US indicating their interest in returning to the negotiating table.
Khatibzadeh: There are messages from the United States that they want to return to the #مذاکرات table, but negotiations require minimums; aggression on Iranian soil has not left trust and this trust must be restored
Iran’s Assistant Foreign Minister says Tehran has received messages from the U.S. in recent days expressing interest in resuming negotiations.
3 posts • OpenAI (o3)
Published
The United States has asked, via undisclosed intermediaries, to resume negotiations over Iran’s nuclear programme, Iran’s semi-official Mehr News Agency reported, citing an unnamed source familiar with the matter.
According to the report, the Iranian Foreign Ministry is assessing the U.S. request, including what it termed the “necessity and accuracy” of Washington’s overture, and is weighing the possibility of a new negotiation round focused on lifting U.S. sanctions and setting permissible uranium-enrichment levels.
7 posts • GPT (4.1 mini)
Published
Democratic Senator Sheldon Whitehouse, a prominent climate advocate in the US Senate, delivered his 300th speech on climate change on July 9, 2025. The speech, titled "Time to Wake Up," was given shortly after Congress rolled back clean energy incentives, highlighting ongoing challenges in advancing climate policy. Senator Whitehouse criticized the Trump administration, asserting that it no longer governs independently but instead "occupies" the nation on behalf of the fossil fuel industry. Despite his extensive efforts, public concern about climate change has declined, with only 46% of adults now viewing it as a serious threat, down from 56% in 2021. Among young adults aged 18 to 34, concern has dropped 17 points since 2018 to 50%. Fellow lawmakers, including Senator Jeff Merkley and Representative Gabe Amo, expressed support for Whitehouse's dedication and criticized the Trump administration's ties to the fossil fuel sector.
15 posts • OpenAI (o3)
Published
Senior officials from three core OPEC producers—Saudi Arabia, the United Arab Emirates and Kuwait—said the cartel’s surprise decision at the weekend to raise its production ceiling again is being fully absorbed by the market, underscoring what they described as unexpectedly strong global demand for crude.
UAE Energy Minister Suhail al-Mazrouei told reporters at the OPEC seminar in Vienna that successive OPEC+ supply increases have failed to create a build-up in inventories, adding that “no one is talking about peak oil demand anymore.” The group’s eight voluntary cutters agreed on 5 July to lift output by a further 548,000 barrels a day in August, after adding about 411,000 barrels a day in each of May, June and July.
Read more
Global oil demand growth is averaging 0.97 million bpd so far this year, right in line with our 1 million bpd forecast, wrote J.P. Morgan #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities #commoditiesmarket
India’s oil demand is around 5.6 million bpd according to Indian’s energy minister @HardeepSPuri. He added that India is investing in all types of energy to keep up with demand and highlighted that green hydrogen is big on the agenda. #OOTT
The UAE Minister of Energy, Suhail Al Mazroui, said on Wednesday that global energy markets show a clear thirst for crude oil, noting that the gradual increases in the production of the “OPEC+” alliance are completely absorbed by the market, without leading to a buildup in stocks. During his participation in a seminar, Al Mazroui said
UAE Energy Minister: No one is talking about peak oil demand anymore, demand has surpassed predictions
Inventory did not increase even with OPEC plus production increases, reflecting strong market demand = oil-producing countries
9 posts • OpenAI (o3)
Published
Republican congressional leaders signaled growing momentum for sweeping new sanctions on Russia, with Senate Majority Leader John Thune and House Speaker Mike Johnson both endorsing legislation designed to tighten economic pressure on President Vladimir Putin.
The measure, drafted by Sen. Lindsey Graham and backed by roughly 80 bipartisan Senate cosponsors, would levy a 500% tariff on nations that continue purchasing Russian oil, gas or uranium—revenue streams that lawmakers say finance Moscow’s war in Ukraine.
Thune said he aims to bring the bill to a vote in the Senate "soon," potentially before the chamber’s August recess. Johnson told reporters he is "open" to advancing the package in the House, arguing that Congress must "send [Putin] a message" after the Kremlin showed no interest in meaningful peace talks.
15 posts • OpenAI (o3)
Published
The World Health Organization and other United Nations agencies warned on 9 July that Gaza’s health system is on the brink of collapse as fuel stocks run out following Israel’s months-long blockade. WHO said hospitals, water networks and ambulances have only hours or days of power left, and urged the immediate, unhindered entry of fuel, food and medical supplies through all crossings.
Al-Aqsa Martyrs Hospital in Deir al-Balah shut its main generator earlier this week after exhausting its fuel, while Al-Shifa in Gaza City, Nasser Medical Complex in Khan Younis and the neonatal unit at Al-Helou Hospital each reported less than 24 hours of reserves. Doctors say surgeries are being performed by flashlight and premature babies are being crowded into single incubators, putting hundreds of patients at imminent risk.
Read more
6 posts • OpenAI (o3)
Published
U.S. President Donald Trump announced a 30% tariff on goods imported from Iraq, according to multiple reports issued Wednesday. Details on the scope of products and the date the levy takes effect were not immediately disclosed.
The move adds a fresh layer to Washington’s recent use of trade measures as a foreign-policy tool, following earlier steep duties on Chinese goods. Economists warn that a blanket 30% surcharge on Iraqi imports could disrupt supply chains for oil-field equipment, construction materials and consumer products that flow through U.S. ports, while provoking retaliatory steps from Baghdad.
Trump Imposes 30% Tariff On Goods From Iraq
Trump Imposes 30% Tariff On Goods From Iraq 🇺🇸📦
US President Donald Trump slaps a 30% tariff on Iraq
🇺🇸🇱🇾 | NOW: Trump imposes 30% tariffs on Libya.
3 posts • GPT (4.1 mini)
Published
Negotiations between Iraq's federal government and the Kurdistan Regional Government (KRG) over resuming Kurdish oil exports to Turkey and addressing unpaid public salaries have stalled. Despite talks reaching what were described as the "final stages," Iraq's Cabinet failed to make decisions on these issues during its session on July 8. The ongoing deadlock extends a months-long political and budgetary crisis that has strained relations between Baghdad and Erbil. The impasse has resulted in an estimated $8 to $9 billion in lost income and about 400,000 barrels per day of Kurdish oil remaining offline. These talks are considered crucial for resolving the longstanding dispute between the two parties amid broader political and economic challenges in Iraq.
12 posts • OpenAI (o3)
Published
OPEC has barred five of the world’s biggest news organisations—Bloomberg, Reuters, the Wall Street Journal, the New York Times and the Financial Times—from attending its 9th International Seminar, which opened on Wednesday at Vienna’s Hofburg Palace. The two-day conference draws oil ministers from the cartel’s 13 members, officials from the wider OPEC+ alliance and senior executives from international energy companies.
The organisation gave no public explanation for the exclusions. Secretary-General Haitham Al-Ghais has previously defended OPEC’s right to control access, saying, “This is our house.” The decision extends similar restrictions imposed at earlier meetings and has raised fresh questions about transparency at a time when the group’s production policy is under close scrutiny.
Despite the media ban, delegates are expected to debate long-term investment needs, market stability and the role of fossil fuels in the energy transition. Speakers include Venezuelan vice-president and oil minister Delcy Rodríguez, alongside ministers from Saudi Arabia, the United Arab Emirates and other producing nations.
10 posts • OpenAI (o3)
Published
U.S. commercial crude inventories rose by 7.07 million barrels in the week to 4 July, the Energy Information Administration said on Wednesday, marking the largest build since January and confounding analysts’ expectations for a 1.6 million-barrel draw. The increase, the second consecutive weekly gain, lifted total stocks to 426 million barrels, still about 8 percent below the five-year seasonal average.
Refineries processed less oil, with utilization slipping to 94.7 percent. Gasoline inventories fell by 825,000 barrels and distillate stocks dropped 2.66 million barrels, sending distillate supplies to their lowest seasonal level since 1996. Net crude imports declined to 3.26 million barrels a day while exports climbed to 2.76 million. Domestic crude output eased by 48,000 barrels a day to 13.385 million.
The EIA said implied product demand fell 1.6 percent from a year earlier, though the four-week average for gasoline demand held steady. Following the report, West Texas Intermediate futures extended earlier losses as traders weighed the surprise crude build against still-tight product inventories.
Big crude bump! US commercial petroleum inventories rose 6.4 MMbbl last week, driven above all by a large counter-seasonal build in crude stocks (+7.1 MMbbl), albeit from immensely low levels for this time of year. Gasoline pulled back (-2.7) and diesel continued to fall (-0.8)
The EIA reports a 7 million barrel #crudeoil stock build despite a 1.3m b/d net drop in imports. #Gasoline and distillates both fell, the latter to a fresh 1996 seasonal low. Refinery runs slowed while implied gasoline demand (4-wk avg.) held steady #oott
As of today's report: At 426 million barrels, U.S. crude oil inventories are about 8% below the five year average for this time of year. Total motor gasoline inventories are about 1% below the five year average for this time of year. Distillate fuel inventories are about 23%
US Crude Imports by Origin in KBPD incl w/w changes Canada -462 to 3,766 Mexico +72 to 414 Saudi Arabia -203 to 148 Iraq -48 to 164 Colombia -51 to 124 Brazil +40 to 231 Nigeria -381 to 38 Venezuela -39 to 25 Ecuador +315 to 441 Libya +10 to 90 EIA #oott
EIA: U.S. REFINERY UTILIZATION SLIPS TO 94.7%; ETHANOL OUTPUT RISES, STOCKS FALL; HEATING OIL STOCKS UP, NET CRUDE IMPORTS DROP TO 3.26M BPD; PRODUCT DEMAND DOWN 1.6% Y/Y, CRUDE EXPORTS JUMP TO 2.76M BPD
5 posts • GPT (4.1 mini)
Published
Conflicting negotiations between U.S. Secretary of State Marco Rubio and Special Envoy Richard Grenell have undermined efforts to broker a prisoner swap with Venezuela. Both officials were reportedly working on separate agreements with Venezuelan authorities, leading to a breakdown in communication and ultimately the failure of the deal. Allies of Rubio have leaked information suggesting that some regime change advocates are attempting to sideline Grenell and his "America First" approach, which focuses on access to oil, reducing migration, and sanctions relief.
Critics argue that the opposing strategy resembles the previous Bolton administration's policy, which was linked to increased migration. Questions have also been raised about whether Grenell's independent negotiations were motivated by ambitions to replace Rubio as Secretary of State. The discord within the Trump administration's Venezuela policy team has drawn scrutiny, with observers noting the lack of coordination between senior officials despite claims of improved professionalism compared to the first Trump term.
7 posts • GPT (4.1 mini)
Published
Kazakhstan has announced plans to maintain its crude oil production at the current level through the end of 2025. This decision was confirmed by the country's Energy Minister and reported by multiple sources including IFX. The move indicates Kazakhstan's intention to keep oil output steady until the year-end, aligning with ongoing market conditions and production strategies.
8 posts • GPT (4.1 mini)
Published
Russian President Vladimir Putin has indicated that there is currently no need for OPEC+ to intervene in the oil markets. He acknowledged that the OPEC+ group, which includes Russia, projects rising global oil demand, particularly during the summer months, suggesting the bloc may continue with substantial output increases. Separately, Russian Deputy Prime Minister Alexander Novak emphasized the importance of preventing rapid increases in domestic gasoline prices during the summer and autumn. Novak urged oil companies to promptly restart refineries following repairs to avoid fuel shortages and stabilize the domestic market. These statements highlight Russia's dual focus on managing global oil supply through OPEC+ and maintaining stable fuel prices domestically.
5 posts • OpenAI (o3)
Published
Estonia is threatening to veto the European Union’s forthcoming 18th sanctions package against Russia unless the bloc agrees to tighten its price cap on Russian oil, according to Foreign Minister Margus Tsahkna.
Tsahkna said Tallinn considers the current draft “too weak” and will “have its say” if a lower cap is not included. EU sanctions require unanimous approval by member states, giving Estonia the ability to block the measure.
5 posts • OpenAI (o3)
Published
United Arab Emirates Energy Minister Suhail al-Mazrouei warned on 9 July that the world’s spare oil-production capacity is shrinking each year, with some producing countries already unable to match the volumes they pumped as recently as last month.
Al-Mazrouei said current OPEC+ supply hikes are being absorbed by the market without raising inventories, indicating persistent demand for crude and limited slack in the system. The minister cautioned that the erosion of spare capacity leaves the market more vulnerable to supply disruptions.
14 posts • OpenAI (o3)
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Turkey and Pakistan have agreed to let Turkish companies carry out oil and natural-gas exploration in Pakistan’s offshore waters, Turkish Foreign Minister Hakan Fidan announced at a joint press conference with his Pakistani counterpart Muhammad Ishaq Dar in Islamabad on 9 July.
The cooperation stems from an April 2025 accord between state-owned Turkish Petroleum Corporation and three Pakistani energy firms—Mari Energies, Oil and Gas Development Company and Pakistan Petroleum. The partners plan to submit joint bids for up to 40 blocks in the Makran and Indus offshore basins, marking the first time Turkish companies will operate in Pakistan’s offshore acreage.
Fidan said the deal is part of a broader push to expand economic ties, with Ankara and Islamabad aiming to lift bilateral trade to about $5 billion and deepen collaboration in mining, rare-earth elements, defence and infrastructure. Dar added that Turkish firms are also expected to participate in Pakistan’s power-sector privatisation and in a planned special economic zone for Turkish investors.
Turkish companies to explore oil and gas off Pakistan’s coast Turkish Foreign Minister Hakan Fidan announced the landmark move in Islamabad, saying a TPAO-Pakistan deal enables joint offshore energy exploration for the first time
🇹🇷 Foreign Minister Hakan Fidan speaks at a joint press conference with Pakistani Foreign Minister Mohammed Ishak Dar in Islamabad 🗣️❝ Turkish companies will explore for oil and natural gas off Pakistan ❞
❝ Turkish companies will explore for oil and natural gas off Pakistan ❞ Foreign Minister Hakan Fidan speaks during a joint press conference with Pakistani Foreign Minister Mohammed Ishak Dar in Islamabad
Turkish FM Hakan Fidan: Under a new deal, Turkish firms will explore oil and gas off Pakistan’s coast — a first of its kind.
Turkish Foreign Minister Hakan Fidan: Under a new deal, Turkish firms will explore oil and gas off Pakistan’s coast — a first of its kind.
7 posts • GPT (4.1 mini)
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The U.S. Energy Information Administration (EIA) has updated its energy outlook for 2025 and 2026, projecting stable natural gas production at 105.9 billion cubic feet per day in 2025 and slightly lower demand at 105.4 billion cubic feet per day in 2026, down from an earlier estimate of 106.4 billion. The EIA raised its forecast for the average price of West Texas Intermediate (WTI) crude oil to $65.22 per barrel in 2025, up from a previous estimate of $62.33, while lowering the 2026 price forecast to $54.82 from $55.58. Similarly, Brent crude prices are expected to average $68.89 per barrel in 2025, up from $65.97, but decline to $58.48 in 2026, down from $59.24.
Despite a record U.S. crude oil output of 13.4 million barrels per day (mbpd), inventories are building, gas prices are falling, and ethane exports to China are increasing. The EIA projects a crude oil surplus of 1.07 mbpd in 2025, up from an earlier surplus estimate of 0.82 mbpd, and a surplus of 1.13 mbpd in 2026, compared to a previous forecast of 0.56 mbpd. U.S. crude production fell by 38,000 barrels per day (kbpd) month-over-month to 13.37 mbpd in June 2025, with May production revised down from 13.56 mbpd to 13.41 mbpd. Production is expected to reach 13.48 mbpd by December 2025 and decline slightly to 13.25 mbpd by December 2026. The EIA also noted that OPEC+ crude production increased by 340 kbpd to 41.77 mbpd in June 2025, while approximately 2.5 mbpd of supplies were offline in June, slightly higher than 2.41 mbpd in May. The outlook indicates a slowing growth in U.S. crude output due to volatile oil prices and diminishing drilled but uncompleted wells (DUCs), with drilling activity remaining subdued despite price fluctuations.
11 posts • OpenAI (o3)
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Saudi Arabia and Indonesia have signed roughly $27 billion worth of investment agreements and memorandums of understanding spanning clean energy, petrochemicals and aviation-fuel services. The pacts were concluded on 2 July during Indonesian President Prabowo Subianto’s stop in Jeddah, Saudi state news agency SPA said.
The announcements followed President Prabowo’s meeting with Crown Prince Mohammed bin Salman at Al-Salam Palace, where the leaders pledged to deepen cooperation in crude-oil supply chains, mineral resources and other strategic sectors. According to SPA, two-way trade reached about $31.5 billion in the past five years.
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7 posts • OpenAI (o3)
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The Organization of the Petroleum Exporting Countries opened its ninth International Seminar in Vienna, bringing together energy ministers, company executives and financiers on 9–10 July to discuss “Charting Pathways Together: The Future of Global Energy.” The meeting at the Hofburg Palace precedes next winter’s UN climate summit and is being watched for any signals on supply policy as demand recovers.
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8 posts • GPT (4.1 mini)
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Qatar's Foreign Ministry has confirmed that indirect negotiations between Hamas and Israel regarding a ceasefire in Gaza are currently in an early 'framework' stage, focusing on preparing the groundwork for future discussions rather than finalizing a ceasefire deal. The talks are ongoing in Doha and have not yet entered the final phase. Qatar's Prime Minister and Foreign Minister have engaged in discussions with Egypt's Foreign Minister and Prime Minister, emphasizing the continuation of mediation efforts to halt hostilities in Gaza. Both parties stressed the importance of releasing prisoners and allowing humanitarian aid to enter Gaza as part of the negotiation priorities.
10 posts • OpenAI (o3)
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Iranian officials said Tehran has received several messages from Washington in recent days indicating that the United States is prepared to return to negotiations, according to comments carried by Al Jazeera and a Financial Times opinion piece by Iran’s foreign minister.
Deputy Foreign Minister Saeed Khatibzadeh and senior diplomat Abbas Araghchi separately told Iranian and regional media that the communications suggest a renewed American willingness to engage after earlier talks were interrupted. Khatibzadeh cautioned that any dialogue will require rebuilding trust, saying recent U.S. actions have left ‘no confidence’ and that the minimum conditions for talks must be restored.
#Iran’s DepFM Khatibzadeh: We’ve received messages from #US in recent days saying they’re interested in returning to negotiations. We were amid talks when the negotiating table was attacked. Negotiation needs minimum trust; the recent aggression has practically left no trust.
🇮🇷🇺🇸| Iranian deputy FM says Iran has received messages from US saying they’re interested in returning to negotiating table. Khatibzadeh says Iran was in the midst of talks when the negotiation table was attacked. Negotiation needs minimum trust, but recent aggression left no
Deputy Foreign Minister Khatibzadeh said: “There have been messages from the US indicating their interest in returning to the negotiating table.
Khatibzadeh: There are messages from the United States that they want to return to the #مذاکرات table, but negotiations require minimums; aggression on Iranian soil has not left trust and this trust must be restored
Iran’s Assistant Foreign Minister says Tehran has received messages from the U.S. in recent days expressing interest in resuming negotiations.
3 posts • OpenAI (o3)
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The United States has asked, via undisclosed intermediaries, to resume negotiations over Iran’s nuclear programme, Iran’s semi-official Mehr News Agency reported, citing an unnamed source familiar with the matter.
According to the report, the Iranian Foreign Ministry is assessing the U.S. request, including what it termed the “necessity and accuracy” of Washington’s overture, and is weighing the possibility of a new negotiation round focused on lifting U.S. sanctions and setting permissible uranium-enrichment levels.