The Organization of the Petroleum Exporting Countries (OPEC) raised production by 3.3 million barrels per day (bpd) compared to May, reaching a total of 19.43 million bpd. This rise followed a period of reduced output due to the Iran war and the closure of the Strait of Hormuz.
Gulf oil exports rose by over 3 million barrels per day (bpd) from May to over 10 million bpd in June, shipping data show. The UAE led, exporting 3.7-3.8 million bpd in June, more than 1 million bpd higher than May, according to Kpler, Vortexa, and LSEG. Export volumes remain 40% below pre-conflict levels.
QatarEnergy has signed a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10, offshore Cyprus, in partnership with ExxonMobil and the Government of Cyprus.
The United Arab Emirates (UAE) ramped up crude oil and condensate exports to a record high in June, preliminary ship‑tracking data from Kpler and Vortexa showed, marking a surge that followed its departure from the Organization of the Petroleum Exporting Countries (OPEC), Reuters reported.
The reopening of the Strait of Hormuz has eased immediate concerns over global energy supplies, but the economic fallout from more than three months of shipping disruptions is likely to persist across vulnerable economies, particularly those dependent on imported oil and food, according to a new United Nations Conference on Trade and Development (UNCTAD) report on June 30.
The Philippines is witnessing a sharp demand rise on rooftop solar installations as households seek to reduce soaring electricity bills, according to Reuters.
Middle Eastern producers are continuing to load oil and liquefied natural gas (LNG) despite recent ship attacks in the Strait of Hormuz and renewed US -Iran strikes.
The energy major, Eni, in partnership with Libya's National Oil Corporation (NOC) through the Mellitah Oil & Gas joint venture (JV), has started hydrocarbon production from the Sabratha Compression Project, an offshore development aimed at sustaining and increasing gas output from the Bahr Essalam field.
Iraq's Ministry of Oil stated that OPEC and its allies have begun gradually restoring Iraq's production quotas, particularly the voluntary cuts, as part of efforts to increase the country's production capacity over the coming months.
British Petroleum (bp) has signed a concession agreement with  Abu Dhabi National Oil Company (ADNOC) and other partners to develop the Bab Gas Cap project in the United Arab Emirates.
The project comprises three reservoirs in the onshore Bab Field where bp will serve as the asset lead for the field. It is expected to produce up to 1.5 billion cubic feet of natural gas per day (bcf/d), according to bp’s statement.
