Oil prices fell to a week low after OPEC+ announced a significant output increase in September. US oil majors ExxonMobil and Chevron are outperforming European peers. Saudi Aramco’s share value has dropped 14% in 2025 due to lower dividends and higher debt requirements.

Saudi Aramco’s Q2 net profit fell 22%, while US midstream firm MPLX purchased Northwind Midstream for $2.38 billion. Reliance Industries launched a JV with BP and ONGC, while ExxonMobil signed a deal with Libya’s NOC for offshore studies.

US-India trade tensions ease as India vows to protect its economic interests. OPEC+ cancels all voluntary cuts and raises September production. BP makes a giant oil discovery in Brazil, boosting morale. Chevron expects swift resumption of Venezuelan oil exports in August.

China restricts rare earth mineral flow to Western defense manufacturers. Ukraine targets Russian refineries with drone attacks. Panama stops accepting old oil tankers in its registry. Azerbaijan faces issues with contaminated oil while Trinidad awards ExxonMobil seven deepwater blocks.

Asian thermal coal imports rose 12% in July due to heatwaves. Mexican President aims to reduce Pemex’s debt by 2030. China’s copper production set to reach record high in 2025. Japan’s electricity prices hit record highs due to severe heatwaves. Nigeria’s oil output surpasses 1.8 million b/d after crackdown on theft.

(Source: OilPrice.com)

Read more at Yahoo Finance: Oil Drops as Markets Digest OPEC+ Supply Decision