Markets

OPEC remains steadfast in its projections for robust global oil demand growth through 2024 and 2025, citing resilient economic conditions and a rebound in summer air travel.

Oil industry executives, surveyed by the Dallas Fed, foresee varying future prices for West Texas Intermediate (WTI).

Hurricane Beryl made landfall in Texas, causing significant power outages in Houston and shipping delays, but it had a limited impact on oil production and refining assets, according to Claudio Galimberti from Rystad Energy.

While US shale oil production has seen significant growth over the past decade, it has also encountered periods of slump.

Even though supply-side concerns related to Hurricane Beryl dissipated early in the week and the risk premium associated with geopolitical tensions in the Middle East faded somewhat later in the week amid ceasefire negotiations, futures prices for benchmark crudes hit fresh multi-week highs.

The future of oil demand is a complex picture with contrasting predictions.

Analysts anticipate continued upward momentum driven by robust demand during the peak driving season and reduced exports from OPEC and Russia.

Saudi Arabia's state-owned company has once again reduced its crude prices for all grades destined for Asia, marking the second consecutive month of cuts.

OPEC and industry leaders see oil and gas playing a vital role in the energy transition.

The Latin American producer of tarsands boosted its crude oil output to an average of 908K b/d in Jun., a 10K b/d increase from May.