- After his trip to Saudi Arabia last week, President Biden said he expects the country to increase its oil supply to help tame rising energy prices, however, no formal pledge from Saudi Arabia was given
- The White House said in a statement that “Saudi Arabia has committed to support global oil market balancing for sustained economic growth. These steps and further steps that we anticipate over the coming weeks have and will help stabilize markets considerably”
- OPEC+ is set to meet next on August 3rd, where decisions regarding production for September and beyond will be made
- Libyan Prime Minister Abdul Hamid Dbeibah announced the country's petroleum shipments are on schedule to fully resume after months of outages
- He added that all oil fields and ports are restarting after reaching an agreement with protesters who had been obstructing several of the key facilities since the first quarter
- Crude production hit a two-year low of 650 MBBl/d in June against a capacity of 1.2 MMBbl/d
- China’s shipments of gasoline and diesel plunged over the first six months of the year after the allocation of smaller export quotas, according to Chinese customs data (BBG)
- Gasoline shipments were at 1.6 MMBbl, 42% lower y/y; diesel exports were at 573 MBbl, down 84% for the first half of the year
- The recent allocation of new quotas is anticipated to result in a rise in overseas shipments of the fuels this month, according to industry expert JLC