- OPEC+ agreed to 648 MBbl/d output increases in July and August, advancing their production targets for the year, despite some members struggling to achieve quotas
- The cartel divided the hike among its members, including Russia, whose output is declining due to sanctions and some buyers avoiding its oil due to the invasion of Ukraine, implying that the boost will fall short
- AEGIS notes that OPEC+ is still likely to supply far less oil to the market than agreed, failing to provide the much-needed respite
- The European Union approved a sixth set of sanctions, including a partial ban on Russian oil imports after Hungary waived concerns that were holding up the process for weeks
- The move bans Russian seaborne oil purchases in the next six months and petroleum products in the next eight months
- Pipeline crude will be temporarily exempted as a concession to Hungary and other landlocked countries that heavily rely on Russia's supply through the Druzhba pipeline