- Libya's National Oil Corp on Wednesday said that crude production had resumed at several oilfields after the lifting of force majeure on oil exports last week
- Libya's oil and gas minister said that the current production is at 600 MBbl/d and expects oil production to return to "normal" levels of 1.2 MMBbl/d in a week to ten days
- He added that oil in storage is being exported, and pumping from oil fields has started, which will allow Libya to boost exports with "Three tankers are expected to begin exporting more than 2 MMBbl"
- U.S. Deputy Treasury Secretary Wally Adeyemo on Wednesday said that a price cap on Russian oil should go into effect alongside the December implementation of the EU's ban on shipping insurance
- "They introduced the idea of looking to do a price cap, but they also said that by December they plan to put in place their insurance ban" while the "goal is to make sure that as that insurance ban is going into place, we're in a position where this is a price cap that can be joined on to that that is a global one" said Adeyemo
- China's apparent gasoline demand rose back above pre-pandemic levels last month as the nation cautiously eased Covid restrictions (BBG)
- Gasoline demand climbed to 3 MMBbl/d in June, which was 7.4% higher than June 2019 levels
- Diesel consumption dipped to 3.5 MMBbl/d but was still 27% higher than June 2019 levels