Russian oil and petroleum product exports in June 2026 reached 7.71 million bpd, a 5.33% increase from May. However, export revenues dropped nearly 24% to $15.84 billion due to lower energy prices, with Urals crude falling to $61.15 per barrel.
US President Donald Trump has renewed threats to seize Iran's main oil export hub, Kharg Island, after declaring an interim ceasefire "over" and warning of further US strikes. The island, which handles 90% of Iran's oil exports, was reportedly attacked by US forces.
Morocco's olive oil exports to Spain saw a dramatic 9,979% increase between early 2025 and early 2026, rising from 103 tonnes to over 10,000 tonnes. This surge, driven by a strong Moroccan harvest and preferential EU trade terms, reversed the trade balance, with Spain now importing more than it exports to Morocco. Despite the jump, Moroccan oil still represents a small fraction of Spain's total imports and domestic production.
Morocco's olive oil exports to Spain saw a dramatic 9,979% increase between early 2025 and early 2026, jumping from 103 to over 10,000 tonnes. While a significant rise, Moroccan oil still represents a small fraction of the Spanish market, which is also experiencing a production decline.
Ukrainian drones targeted Russia's Omsk oil refinery, its largest, located 2,700km from Ukraine. The attack, confirmed by local authorities, occurred before a Nato summit. Russia claimed most drones were destroyed, with no casualties. President Zelenskyy hailed it as a significant achievement, extending Ukraine's strike capability to Siberia.
Four Saudi supertankers, carrying 8 million barrels of oil, have crossed the Strait of Hormuz, marking the largest shipment since the US and Israel's war against Iran began in February. The vessels reached the Gulf of Oman on Thursday, indicating increased Saudi exports following the resumption of maritime transit.
Kazakhstan plans to increase oil exports via the Baku-Tbilisi-Ceyhan pipeline and expand its presence in Georgia's Black Sea ports. The move deepens strategic ties following talks between Kazakh President Tokayev and Georgian PM Kobakhidze, focusing on energy, transport, and investment.
Iran's foreign ministry spokesperson Esmaeil Baghaei rejected Donald Trump's claim of imminent US-Iran talks in Doha, stating no negotiations are scheduled. An Iranian expert delegation will visit Doha to follow up on a MoU regarding frozen assets, not for new talks, despite recent military de-escalation.
The Strait of Hormuz is experiencing increased oil and LNG shipments from Qatar and other Gulf nations for the first time since the war began. This follows improved regional activity and progress in US-Iran talks, easing tensions. Deals with Taiwan and India mark the first Qatari crude sales to Asia since the conflict.
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.
Asian economies are expected to exercise caution in buying Iranian oil despite a 60-day sanctions waiver, weighing compliance, financial risks, and potential US-Tehran hostilities. This comes as global markets seek cheaper energy, but refiners view the waiver as too short for complex legal requirements.
UAE oil exports have significantly rebounded, reaching almost 85% of pre-conflict levels by early June. The nation utilized alternative routes, storage, and strategic shipping to overcome Gulf tensions, increasing exports from 1.9 million barrels/day in March to 4.3 million in early June.
The US Treasury has issued a 60-day sanctions waiver for Iranian oil exports, allowing production, delivery, and sale to the US. This follows "encouraging" talks in Switzerland aimed at a peace deal, with US Vice President JD Vance expressing optimism about laying a "good foundation" for a final agreement.
Iran and the US held talks in Switzerland regarding the lifting of restrictions on Iranian oil exports. Tehran anticipates an official announcement from the US Treasury Department soon, which is expected to cover the unfreezing of assets and licensing for oil and petrochemical sales.
Oil prices fell Monday after US-Iran talks in Switzerland concluded with Tehran securing waivers for oil and petrochemical exports, easing concerns over potential supply disruptions. Brent crude futures were down 1.90% at $79.04 per barrel.
Iran has suspended high-stakes talks with the US in Switzerland, citing President Trump's threats to bomb Iran and kidnap its negotiators. Despite the walkout, Iran reached a draft agreement on US waivers for oil sanctions, a key precondition for nuclear talks.
US and Iranian delegations met in Switzerland to discuss an interim deal, focusing on the Strait of Hormuz, sanctions, and the conflict in Lebanon. Tensions are high due to Iran's decision to keep the strait closed and internal dissent regarding the negotiations.
US and Iran negotiators met in Switzerland to discuss a fragile interim deal. Key issues include a ceasefire in Lebanon, lifting sanctions on Iranian oil, and reopening the Strait of Hormuz. Tensions are high due to Iran's decision to close the strait and internal Iranian disputes over the talks.
A new US-Iran memorandum of understanding allows Tehran to resume oil and fuel exports, potentially boosting the Iranian economy by over $60 billion annually. The deal eases sanctions, enabling wider sales and access to frozen funds, though critics warn of strengthening the regime.
Following a peace deal between Tehran and Washington, 11 tankers carrying 20 million barrels of crude oil have departed Iran's Gulf of Oman port. The exports, previously hindered by a US military blockade, are primarily destined for China. Despite increased activity, uncertainty remains due to delayed peace negotiations and recent clashes.
US Vice President JD Vance announced that sanctions against Iran remain in place, excluding those related to oil exports. He stated that frozen Iranian assets could total $200 billion and that all sanctions would be reinstated if Iran fails to meet its obligations.
Russia's crude oil and petroleum product exports reached 7.35 million barrels per day in May 2026, a 0.14% increase from April, despite a 3.26% revenue drop to $20.79 billion due to lower energy prices.
Crimea has banned nighttime rides on mopeds, quad bikes, and motorcycles, citing their noise resemblance to drone attacks and alleging children are deliberately involved. Ukraine has intensified drone attacks on the peninsula, impacting supply routes and fuel availability. Meanwhile, a Ukrainian drone hit a Moscow refinery, halting operations, and Russia's strikes killed at least eight people across Ukraine.
G7 leaders aim to prioritize the Ukraine war, with Donald Trump suggesting the US may soon reinstate sanctions on Russian oil. Meanwhile, Ukraine reports a bomber crash and Russian strikes kill at least eight people across multiple regions. A Russian artist critical of Putin was killed in Poland.
