BP - In 2017 global energy demand grew by 2.2%, above its 10-year average of 1.7%. This above-trend growth was driven by stronger economic growth in the developed world and a slight slowing in the pace of improvement in energy intensity.

REUTERS - India’s oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.

REUTERS - Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand.

REUTERS - Canada’s oil output is set to rise 33 percent by 2035, driven almost entirely by higher oil sands production, but without new export pipelines Canadian producers will continue to be excluded from emerging markets, an industry group said

REUTERS - EU negotiators agreed on Thursday to increase the share of renewables in the bloc’s energy production to 32 percent by 2030, a higher target than in draft rules but short of the level sought by some governments and the European Parliament.

REUTERS - OPEC and U.S. representatives have met at least twice this year, with a third high-profile meeting set for Vienna next week. Finding the optimal balance of crude supply and demand will be the hot topic.

REUTERS - The issue comes down to how quickly to build a shared infrastructure system that would include a major trunk pipeline for transporting gas from mammoth new offshore fields owned by various companies in northwest Australia.

REUTERS - Chevron Corp has started producing liquefied natural gas (LNG) at the second unit of its $34 billion Wheatstone development, marking the completion of its two megaprojects in Australia after cost-blowouts and delays.

FRB - In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-3/4 to 2 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.

REUTERS - Brent crude LCOc1 was down 30 cents at $75.58 a barrel by 1000 GMT. U.S. light crude CLc1 was 15 cents lower at $66.21.

GAZPROM - The meeting participants reviewed a wide range of issues regarding cooperation in the gas sector, including the status of the project for gas supplies via the eastern route (Power of Siberia). It was noted that the project was going according to schedule, with the gas pipeline’s linear part from the Chayandinskoye field to the Chinese border completed by 84.4 per cent (over 1,820 kilometers). Pipe pulling operations were finished in the second tunnel of the crossing under the Amur River within Power of Siberia’s cross-border section.

ROSATOM - Russian and Chinese nuclear executives have signed the biggest package of contracts in the history of the two countries’ nuclear partnership. The package consists of 4 deals and envisages the construction of 4 Gen 3+ VVER-1200 units (at the Xudabao and Tianwan sites), cooperation in the CFR-600 fast reactor pilot project, and supply of the RITEG (Radioisotope Thermoelectric Generator) parts for China’s lunar exploration programme. The signing ceremony was attended by Russian president Vladimir Putin and People’s Republic of China president Xi Jinping.

BLOOMBERG - The nation boosted crude supply to the highest in 14 months in the first week of June as some companies breached their caps, said a person with knowledge of the matter. While both the Kremlin and oil bosses remain publicly committed to the accord, production of 11.09 million barrels a day exceeds the 10.95 million limit agreed with OPEC, the official said.

BLOOMBERG - Saudi Arabia, which along with Russia is trying to garner support for lifting output limits, told the Organization of Petroleum Exporting Countries that its daily production rose 162,000 barrels a day to 10.030 million in May compared with the previous month, a person with knowledge of the data said, asking not to be identified because the information isn’t public.

EIA - Brent crude oil spot prices averaged $77 per barrel (b) in May, an increase of $5/b from the April level and the highest monthly average price since November 2014. EIA forecasts Brent spot prices will average $71/b in 2018 and $68/b in 2019. The 2019 forecast price is $2/b higher than in the May STEO. EIA expects West Texas Intermediate (WTI) crude oil prices will average almost $7/b lower than Brent prices in 2018 and $6/b lower than Brent prices in 2019