Oil

US oil rig counts were up by two to 1.048 for the week ended July 27. according to Baker Hughes

Iran mainly exported liquefied propane. liquefied butane. non-alloy metal and steel ingot to Indonesia.

Teapot refiner demand for low-sulphur product boosts Brazil oil output.

U.S. crude oil inventories last week tumbled more than expected to their lowest level since 2015.

Iran has started providing ships as well as insurance cover to continue exporting crude oil to India.

All oil shipments passing through Bab Al-Mandab Strait have been suspended temporarily until navigation through the area is secure

Venezuela’s production collapsed due to a lack of investment and Iranian exports have suffered due to US sanctions.

Saudi Arabia pausing oil shipments through the Red Sea caused oil futures remain high.

Rosneft reported a sevenfold increase in its net profit for the first quarter of this year on the back of higher oil prices.

Shell and BP predict oil consumption may flat line in the mid-2030s.