News

Norwegian Petroleum Fund: Second quarter equity investment return was 16%.

Hungarian Prime Minister Majol said: "The bottom dam will help raise the river level to ensure the cooling of the Parkes nuclear power plant."

OPEC Monthly Report: OECD oil inventories fell by 26.4 million barrels in June to 2.73 billion barrels.

The U.S. July seasonally adjusted CPI and core CPI monthly rates, and the unseasonally adjusted CPI and core CPI annual rates will be announced in ten minutes.

Hungarian Prime Minister Majol: The government has decided to build a bottom dam on the Danube River.

OPEC Monthly Report: The OPEC forecast for demand for crude oil from DoC member countries in 2026 has been lowered to 42.1 million barrels per day.

OPEC's monthly report maintains its 2027 oil demand forecast for OPEC at 43.6 million barrels per day.

OPEC's monthly report shows that refining margins across the world's three major refining hubs (the US Gulf Coast, Rotterdam, and Singapore) surged in July. Rotterdam's refining margin jumped $17.88 per barrel month-on-month to $42.13 per barrel, marking its largest monthly increase. The report indicates that the profit expansion was primarily driven by a strong rebound in middle distillate (diesel) crack spreads, due to refinery shutdowns in Eastern Europe, a Russian diesel export ban, and geopolitical tensions in the Middle East, all of which tightened global diesel supply. US Gulf Coast refining margins reached their highest level since October 2022, at $45.70 per barrel.

OPEC's monthly report shows that Saudi Arabia's crude oil production in July was 8.2 million barrels per day, up from 7.1 million barrels per day in the previous month.

OPEC's monthly report shows that the global crude oil freight market experienced significant volatility in July due to disruptions in trade flows. Although VLCC (Very Large Crude Carrier) spot freight rates fell 18% month-on-month, they still surged 432% year-on-year, reaching historical highs. Freight rates on the Middle East to East Asia route soared 731% year-on-year. In contrast, Suezmax and Aframax tanker freight rates strengthened month-on-month, rising 28% and 44% respectively, with Aframax tanker freight rates on the Mediterranean route jumping an even more dramatic 61% month-on-month. OPEC noted that despite high freight rates, global refinery utilization rates remained above 78%, driven by strong refining margins.

OPEC monthly report: Global crude oil demand is projected to be 107.9 million barrels per day in 2027.

OPEC monthly report: Global crude oil demand is projected to be 105.74 million barrels per day in 2026.

OPEC Monthly Report: Second-hand data shows that OPEC+ crude oil production increased by 1.4 million barrels per day in July, reaching 37.65 million barrels per day.

OPEC Monthly Report: Second-hand data shows that OPEC crude oil production increased by 1.66 million barrels per day in July, reaching 23.6 million barrels per day.

OPEC Monthly Report: Maintains its forecast of 620,000 barrels per day as the increase in oil supply from non-DoC countries in 2027.

OPEC Monthly Report: Maintains its forecast for non-DoC (non-cooperation declaration) oil-producing countries' supply increase in 2026 at 640,000 barrels per day.

OPEC monthly report: The 2027 Eurozone economic growth forecast has been lowered from 1.2% to 1%.

OPEC's monthly report: The 2026 Eurozone economic growth forecast has been lowered to 0.8%, down from 1% previously.

OPEC monthly report: The 2026 global economic growth forecast has been lowered from 3.1% to 3%.

OPEC's monthly report maintains its 2026 US economic growth forecast at 2.2%. It also maintains its 2027 US economic growth forecast at 2%.