- Saudi Arabia, Russia reaches tentative deal to return output in the coming months gradually
- Negotiations are still underway; However, according to Bloomberg, the current proposal being discussed would return 2 MMBbl/d to the global oil markets from August through December
- According to Bloomberg, the implementation of the agreement is conditional on the status of talks between the U.S. and Iran
- The full Ministerial Meeting takes place today, where we will learn the cartel's final decision
- India's gasoline consumption is at 90% of its pre-COVID levels as demand stages a comeback
- Avg. daily sales of transportations fuels expanded by over 20% in June as the country recovered from a devastation COVID resurgence in April and May
- Gasoline consumption is only down about 10% from June 2019, while diesel consumption is down 18%
- U.S. crude stockpiles are being depleted at a record pace
- The EIA reported a 6.7 MMBbl drawdown in inventories during the week ending June 25
- Over the last four weeks, stocks have fallen at an average rate of 1.15 MMBbl/d, marking the highest average rate on a four-week rolling basis going back to 1982