Overview

• Brent crude dipped toward $67 a barrel after easing of Israel-Iran tensions removed the wartime risk premium
• OPEC+ is set to decide August output in real time on July 6, with markets forecasting a 411,000-barrel-per-day increase
• Russian Deputy Prime Minister Alexander Novak confirmed there will be no pre-meeting negotiations on production levels
• U.S. active oil rigs fell by six to 432 last week, the lowest count since October 2021 according to Baker Hughes
• Heavy Chinese imports of discounted Iranian crude and India’s policy push to boost domestic output are reshaping non-OPEC supply dynamics