- OPEC and its allies agreed to a small 100 MBbl/d production increase for September (WSJ)
- Delegates from OPEC said that the group needs more time to study the possibility of a slowdown in the global energy demand before deciding whether to significantly increase oil production
- Even then, the alliance's ability to boost output remains limited as OPEC+ pumped 2.7 MMBbl/d less than its collective production target of about 42 MMBbl/d in May
- The shortfall was primarily due to falling production in sanctions-hit Russia and ongoing output issues in Nigeria, Angola, and some other nations, according to OPEC delegates
- The cartel also expects global oil demand growth to slow to 2.7 MMBbl/d next year, from 3.4 MMBbl/d in 2022
- G7 nations consider measures to limit Russian oil revenues
- The bloc is considering banning Russian oil from being transported, among other measures, to deny Moscow huge revenues while it invades Ukraine
- Despite Russia's oil exports falling to their lowest levels since last August, its export earnings in June jumped by $700 million month over month due to higher prices, 40% above last year's average, said the IEA in July
- Some analysts and traders have expressed doubts that a price cap would be effective as Russia has found ways to move its oil to Asia without the use of Western ship insurance