Overview
- Delegates from OPEC+ are expected to ratify another 411,000 barrels per day increase for August, marking the fourth consecutive monthly hike
- Barclays warns that headline output targets continue to outpace actual flows due to compliance gaps and compensation cuts by some members
- The U.S. Energy Information Administration reported a 3.8 million-barrel rise in domestic crude inventories last week, highlighting softening demand
- Nearly half of oil industry executives surveyed by the Dallas Fed anticipate drilling fewer wells in 2025, citing policy volatility and higher input costs
- Axios reported U.S. plans to resume nuclear talks with Iran, a step that could eventually ease sanctions and unlock additional Iranian exports