🚜 Today’s Market News – Simplified Update for Local Producers
📉 Saudi Crude to China Slightly Down in July
Saudi Arabia plans to send 1 million fewer barrels of oil to China in July, though shipments will still be strong overall. The cut mainly affects smaller, independent Chinese refiners, while large companies like Sinopec and PetroChina will still get plenty. This change comes as OPEC+ continues gradually increasing oil production—aiming to put 2.2 million barrels per day (bpd) back on the global market. So far, they’ve added about 1.37 million bpd since April.
🛢️ OPEC Misses Target on May Output Boost
OPEC planned to increase production by 310,000 bpd in May, but only delivered about half that. Iraq actually cut back more than expected to make up for earlier overproduction. Saudi Arabia had the largest increase, adding 130,000 bpd, while the UAE also stayed under its quota. These numbers shift a lot, and estimates vary, but they help show how tight the global oil market remains.
🌍 Ukraine Urges Tougher Sanctions on Russia
Ukraine’s foreign minister said this week that Russia hasn’t responded to peace proposals. Ukraine is now pushing for tougher European Union sanctions and wants G7 countries (including the U.S.) to lower the price cap on Russian oil to $30 per barrel. Meanwhile, European allies are discussing next steps with the U.S. to increase pressure on Russia.
🛢️ Market Overview
Oil prices are inching higher as trade talks between the U.S. and China show promise and Saudi Arabia prepares to send less oil to China in July. U.S. crude prices rose around 0.5% today. On the supply side, OPEC+ still plans to increase production next month, while concerns remain over Iran’s nuclear negotiations and wildfires in Canada, which could impact oil production there.
⚡ Energy Highlights
🇺🇸 U.S. Sets Record for Energy Production in 2024
The United States produced more energy in 2024 than ever before—over 103 quadrillion BTUs! That includes record output in natural gas, oil, biofuels, solar, and wind. However, early data from 2025 shows crude oil production has dipped a bit compared to last year.
