Overview

• OPEC+ delegates said the group will boost production by 411,000 barrels per day in August, marking the fifth straight monthly increase since April
• U.S. active oil rigs fell by six to 432 last week, the lowest count since October 2021 and a sign of weaker future output
• China’s independent “teapot” refineries imported an estimated 1.8 million barrels per day of Iranian crude in early June, sustaining elevated flows
• India enacted the Oilfields (Regulation and Development) Amendment Act, 2025 and state-owned ONGC drilled a 35-year high of 578 wells in FY25 to bolster domestic supply
• President Donald Trump urged the Department of Energy to “drill, baby, drill” as part of a push to increase U.S. oil production