Overview

• OPEC+ endorsed a 547,000 barrel-per-day output increase for September, reversing prior cuts and risking a global surplus
• U.S. crude stockpiles fell by 3 million barrels in the week to August 1, exceeding analysts’ expectations and providing intermittent support
• President Trump has threatened new tariffs on any country buying Russian energy unless Moscow implements a ceasefire in Ukraine by Friday
• Ukrainian drone strikes disabled key units at Rosneft’s Novokuibyshevsk and Ryazan refineries, forcing Russia to reroute about 200,000 barrels per day to western ports
• Indian state refiners have paused spot purchases of Russian Urals crude for October loading under U.S. tariff pressure, deepening the Urals discount to Brent