- Oil is up more than $1, extending yesterday’s gains (as of 8:25 AM)
- Equity markets have rallied, recovering some of their recent losses and supporting oil prices somewhat
- Russia cut oil output further in July (BBG)
- Russian production fell by 33 MBbl/d from June levels, moving closer to Russia’s OPEC quota
- Russia has been one of the main laggards in adherence to OPEC policy but has repeatedly stated they are looking to bring production in line with their pledged quota
- To make up for overproduction, Russia has said it will institute compensation cuts from October-November and March-September 2025 of about 15 MMBbls total
- EIA sees global oil demand growth cooling on weak Chinese economy (BBG)
- Citing an economic slowdown in China, the EIA said they believe oil demand growth may be weaker
- Last month, China reported its weakest economic data in five quarters, adding to concerns over demand
- The EIA also lowered its US oil production forecast to 12.23 MMBbl/d this year
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