Refinery rates went up to 14.85 million barrels daily last month, the report also said, which was an 8.9% increase from July 2024, but at the same time, it was a 2% decline from June 2025. The utilization rate at Chinese refineries, however, rose both on an annual and on a monthly basis, reinforcing the perception of an improvement in demand.
Still, lower global crude and oil-product prices helped the government to reduce subsidies it pays to Russia’s refiners to partially compensate for the difference in fuel prices at home and abroad, a measure designed to boost gasoline and diesel supplies to the domestic market. In July, the budget transferred 59.9 billion rubles in subsidies, down by 58 percent from a year ago.
It was these nations that shattered market expectations on April 3, when they announced their first super-sized hike — triple the volume originally scheduled. The shock move, unveiled just hours after President Donald Trump launched a global trade war, helped send crude futures to a four-year low below $60 a barrel in the ensuing days, marking a rupture with years of efforts by the coalition to try to shore up prices.
Goldman Sachs analysts have reportedly suggested that OPEC+ is likely to pause further oil production increases due to deteriorating global economic conditions. Goldman reportedly anticipates that OPEC+ will make a “final” decision in July to raise daily output by 411,000 barrels, but actual economic data may prompt a reassessment, according to @FirstSquawk, and lead to a halt beyond that.
Oil production in Nigeria slumped by 15.5% in July from June, marking the third month-on-month decline since April, according to data from the local upstream regulator.