- OPEC+ eyes larger July hike
- Oil prices slipped Friday ahead of an OPEC+ meeting expected to approve another supply increase
- WTI prompt-month contract fell $0.67 to $60.27/Bbl Friday morning (8:08 AM CT)
- The group may raise output by more than 411 MBbl/d in July, following above-plan increases in April and May
- Pressure is mounting from the revival of idle supply and global demand concerns tied to President Trump’s new tariffs
- “Most members excluding Saudi Arabia appear to be at or near maximum capacity,” says JPMorgan’s Natasha Kaneva
- JPMorgan warns of 2025 surplus
- Bank sees a 2.2 MMBbl/d surplus in 2025 as OPEC+ ramps up output
- Group’s supply now tracking 734 MBbl/d above earlier expectations from November
- Global demand growth revised down by 300 MBbl/d to just 800 MBbl/d for the year
- US tightens controls on LPG exports to China (Bloomberg)
- At least one US ethane and butane exporter was told to obtain a license to ship cargoes to China
- The Commerce Department cited “unacceptable risk of military end use” under export control laws
- Part of a broader crackdown on US tech and energy exports with potential defense applications in China
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