06 Jul Energy news, commentary and analysis | Saudi Arabia slashes official selling prices after OPEC+ agreed to further increase its output targets from August
(Oilandgaspress) 06/07/26, Seven OPEC+ countries, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 July 2026, to review global market conditions and outlook. In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023.
This adjustment will be implemented in August 2026 as detailed in the table below. The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.
The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 2 August 2026. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $68.31 | Down |
| Crude Oil (Brent) | US$/bbl | $72.72 | Up |
| Bonny Light 01/07/26 CBN | US$/bbl | $71.63 | — |
| Dubai | US$/bbl | $79.45 | Down |
| Natural Gas | US$/MMBtu | $3.22 | Down |
| Murban | US$/bbl | $66.06 | Down |
| OPEC basket 03/07/26 OPEC | US$/bbl | $69.75 | Up |
| At press time July 06, 2026 |
Rolls-Royce Submarines has officially ‘broken ground’ and started foundational work on its new manufacturing facility, as part of plans to double the size of its entire Raynesway site in Derby.
This wider expansion activity will help meet the increased demand from the UK and Australian Royal Navies to boost manufacturing output for current and future submarine programmes. It will see over 100,000m2 of new manufacturing and office facilities being built and create 1,170 skilled roles across a range of disciplines, including manufacturing and engineering. Related News
Altera Infrastructure has reached a major milestone in its strategic partnership with Eni through the execution of the principal agreements for the supply of a newbuild floating production storage and offloading (FPSO) vessel to the Baleine Phase 3 development offshore Côte d’Ivoire.
The agreements cover the engineering, procurement, construction, installation and commissioning (EPCIC) of a new FPSO vessel, together with a fixed 15-year bareboat charter that will support long-term production from the Baleine field. Baleine Phase 3 represents the next stage in the phased development of the Baleine field, located approximately 70 kilometres offshore Côte d’Ivoire in water depths ranging from 700 to 1,300 meters.
The new FPSO, to be constructed in China by Wison New Energies, will be capable of producing 90,000 barrels of oil per day, process 160 million cubic feet of gas per day, and store up to 1.4 million barrels of crude oil. Together with the existing Baleine developments, Phase 3 will increase total field production to approximately 150,000 barrels of oil per day and 200 million cubic feet of gas per day, making Baleine one of the largest offshore energy developments in West Africa. All gas produced will be allocated to the domestic market, contributing to Côte d’Ivoire’s energy needs, expanding electricity generation and supporting the country’s industrial development. The project builds on Altera’s successful delivery of Baleine Phase 2, where the company redeployed and now operates the FPSO Petrojarl Kong and FSO Yamoussoukro. Phase 3 further strengthens Altera’s long-term strategic partnership with Eni while significantly expanding the company’s presence in Côte d’Ivoire. Related News
Zephyr Energy plc announced a further increase in its operated land position in the Paradox Basin, Utah, U.S. (the “Paradox project”) through the successful acquisition of an additional 2,294 acres of Utah Trust Lands Administration (the “TLA”) leases. This new acquisition gives Zephyr an increased acreage footprint immediately to the north of its White Sands Unit (the “WSU”)The acreage was nominated for auction by Zephyr and was acquired through a sealed-bid process conducted by the TLA. The related leases have a five-year primary term and a 16.67% lease royalty. The acquisition cost associated with the TLA leases was paid from the Company’s existing cash resources. . Related News
Ukraine is striking deep inside Russian territory as part of a campaign to degrade the Kremlin’s war machine. Ukrainian forces carried out a drone strike on an oil refinery in the Russian city of Omsk on Monday, hitting the country’s most important fuel production site more than 2,500km from the Russia-Ukraine border. The Omsk Oil Refinery is Russia’s largest, with a design capacity of around 22 million tonnes of crude oil per year. It produces gasoline, diesel, aviation kerosene and other petroleum products, including fuel used by the Russian military.
The facility had previously been considered beyond the reach of Kyiv’s deep‑strike campaign, but according to Ukraine’s Special Operations Forces, Monday’s attack damaged critical plant equipment, in particular the primary oil refining unit, described as the refinery’s most vital component. Related News
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