Saudi Arabia dramatically cut crude oil prices by $11 a barrel for August, the steepest drop in 26 years, signaling intense competition among producers. This move, following a previous $6 cut, brings oil prices to pre-Feb 28 levels and is expected to benefit India by reducing refiner losses and government subsidy bills.
Fifteen of 20 India-bound fertiliser ships have safely passed the Strait of Hormuz. Domestic urea production also exceeded targets from April to June, ensuring adequate fertiliser availability for farmers during the kharif season.
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.
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.
OPEC+ countries produced 26.9 million barrels per day in April, missing their 36.15 million bpd target by 9.25 million bpd, with significant shortfalls in Iraq, UAE, Saudi Arabia, Russia, and Kuwait, while Kazakhstan, Oman, and Algeria exceeded targets.
Blue Origin posted a job for a senior manager to oversee tank fabrication for 'Quattro,' the company's more powerful upper stage for New Glenn featuring four BE-3U engines. The posting reveals ambitious production targets: ramping from 12 vehicles per year currently to 60 by Q3 2028, then 100 second stages annually by 2029. A company official confirmed these targets are accurate. The 9×4 variant (nine first stage engines, four upper stage engines) could debut next year for NASA's Artemis program. The company has launched New Glenn three times since January 2025, though the most recent launch experienced an upper stage anomaly.
