June 2023

Voluntary production cuts by some members of OPEC is due this coming month. Russia lifts levy on Oil & Gas firms amid G7 Price cap on Crude Oil.

The recommendations come at a time when South Africa is suffering its worst ever power cuts, with blackouts of more than 10 hours a day and a slowing economy, and is opening up the electricity generation industry to private operators.

Regardless of how this breakdown occurred, it is the symptom of greater issues with South Africa’s energy infrastructure.

U.S. commercial crude oil inventories increased by 4.5 million barrels to 459.7 million barrels.