Tajikistan's oil production increased by 9.3% to over 10,000 metric tons in the first half of 2026. Oil refining also saw a year-on-year rise, while imports of petroleum products and LPG increased by 11%. Natural gas production and imports also grew.
Middle Eastern oil production decreased by 8.3 million barrels per day in June. Global oil markets are anticipated to return to pre-conflict levels by year-end, with production resuming in Q1 2027, according to the US EIA.
Oil prices edged up Tuesday as traders focused on supply, demand, and recovering shipments via the Strait of Hormuz after a tanker was hit by a projectile. Iran is suspected of recent attacks, raising security concerns.
OPEC+ announced a 188,000 bpd production increase from August by seven member countries, including Saudi Arabia and Russia. This move follows signs of market recovery and easing tensions related to the US-Israel war on Iran, which had previously impacted shipping through the Strait of Hormuz.
OPEC+ will raise oil production quotas by 188,000 bpd from August, continuing to unwind earlier cuts. This follows similar increases in June and July, with nearly 800,000 bpd added by core members. Despite this, output remains below pre-conflict levels due to disruptions.
Seven OPEC+ countries, including Saudi Arabia and Russia, will adjust oil production by 188,000 bpd from August 2026, partially unwinding voluntary cuts. The group retains flexibility to alter production based on market dynamics.
OPEC+ seven countries, including Saudi Arabia and Russia, will raise their oil production quota by 1.085 million barrels per day in July to 30.633 mbd. The group also extended the deadline for compensating for previous overproduction to the end of 2026.
Crude oil prices, including Brent and WTI, fell on Friday as concerns over supply disruptions in the Strait of Hormuz eased, despite earlier tensions and an unidentified projectile hitting a cargo ship. The decline follows a US-Iran peace conclusion, bringing prices near pre-war levels, while Venezuelan earthquake damage to oil infrastructure was limited.
Iraqi authorities are reportedly considering withdrawing from OPEC if their proposal to increase oil production quotas is rejected. This move aims to boost exports and offset losses from the US-Iran conflict, with a decision expected after Prime Minister Ali al-Zaidi's mid-July visit to Washington.
OPEC+ nations participating in oil production cuts fell short of their targets in May 2026, producing 9.44 million barrels per day less than planned, according to the International Energy Agency (IEA). Kazakhstan was the only major producer to exceed its quota.
China's crude oil production rose 1.1% to 91.31 mln metric tons in January-May 2026. However, crude oil processing volumes in May fell 9.1% year-on-year. Natural gas production increased 1.7% in the same period, while coal output declined.
Southeast Asia is preparing for an extreme El Nino, expected by the WMO to emerge before August and last until November. This, combined with high energy, transport, and food costs linked to the Iran war, poses significant risks to the region's agricultural sector, particularly rice and palm oil, potentially triggering inflation and political instability.
US President Trump vows to seize Iranian oil facilities as the conflict escalates. Iran claims US strikes render a ceasefire meaningless, while regional tensions rise with attacks on Kuwait, Bahrain, and Jordan. EU and UN call for diplomatic solutions.
US President Trump vowed to seize Iranian oil facilities and conduct "more bombing" as strikes escalated. Iran called the US attacks a "flagrant violation" rendering a ceasefire "meaningless." Three Indian sailors died in a US strike off Oman.
Russia's oil production in May was 9,000 bpd lower than April, reaching 9.009 million bpd. This output was 690,000 bpd below its OPEC+ target, considering voluntary cuts.
OPEC+ members including Saudi Arabia, Russia, and Iraq will increase total oil production by 188,000 barrels per day in July. This decision comes amid ongoing supply concerns due to the US/Israel-Iran conflict and the closure of the Strait of Hormuz, with experts predicting a slow return to normal supply levels.
Russia's Deputy Prime Minister Alexander Novak confirmed a dip in oil production due to unscheduled refinery repairs, marking the first such public admission. This comes as Ukraine intensifies drone attacks on Russian energy infrastructure, disrupting operations and pushing Moscow to maximize crude exports.
Russia anticipates reaching its OPEC+ oil production quota of 9.762 million barrels per day this year, according to Deputy Prime Minister Alexander Novak at the St. Petersburg International Economic Forum.
Russian Energy Minister Novak stated oil production is slightly below year-start levels due to unscheduled refinery maintenance. He assured a stable domestic fuel market and noted the global energy crisis is unprecedented, exacerbated by Middle East conflicts.
Russian Deputy Prime Minister Alexander Novak stated that oil production in Russia is currently lower than at the start of 2026, speaking at the St. Petersburg International Economic Forum (SPIEF-2026).
Russia's oil production is currently slightly lower than at the beginning of the year due to unplanned refinery maintenance. Deputy Prime Minister Alexander Novak stated that production will increase as refineries resume operations, reaching previous levels.
ExxonMobil is reportedly in negotiations to resume oil production in Venezuela after a 20-year absence. The potential deal, which could be finalized this month, involves up to six oil fields. This move is influenced by rising global oil prices due to the Middle East conflict and strategic pressure from competitor Chevron's expansion in Venezuela.
Russia's oil production is projected to remain at 511 million tons in 2026, matching 2025 levels, with a potential rise to 516 million tons in 2027, according to the ministry's baseline scenario.
OPEC reports a 30% drop in oil production since late February due to the Iran war, with April output falling by 1.7 million bpd. Demand growth forecasts are lowered to 1.2 million bpd. Contrasting views emerge as IEA predicts a 420,000 bpd demand fall in 2026, citing supply constraints from the Hormuz blockade, despite producers' mitigation efforts.
