- Oil head for weekly gain as traders focus on Russia sanctions & US tariffs
- The WTI prompt-month contract rose $0.03 to $69.29/Bbl Friday morning (7:45 AM CT)
- Oil is headed towards its largest weekly gain since Israel attacked Iran in June due to President Trump’s threats on Russian crude
- Trump has threatened Moscow with secondary sanctions if Russia does not reach a ceasefire agreement with Ukraine
- The President has also threatened additional penalties on India for its large purchases of Russian crude (Bloomberg)
- India’s government has asked state-owned refiners to ready plans for buying non-Russia crude in a scenario where Russian are halted
- A senior executive at a major Indian oil refiner said they would source crude from the Middle East and Africa
- According to Rystad Energy, OPEC+ countries in the Middle Eats could offset any potential shortfalls of Russian crude supplies arising from Western sanctions
- Exxon and Chevron hit record production (Bloomberg)
- Chevron’s output reached an all-time high of almost 4 MMBbl/d, with Exxon pumping more oil in Q2 than any second quarter since the Mobil takeover over 25 years ago
- Chevron CFO, Eimear Bonner, said the market could see lower prices later this year as OPEC+ ramps up production quota hikes
- OPEC+ is set to meet on August 3, the market expect the group to bring back ~550 MBBl/d of production for the month of September
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