Barrels

• OPEC+ announced fresh oil production increase for June 2026, with seven key members—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—collectively raising output by 188,000 barrels per day. • The move follows UAE's exit from the bloc and represents a gradual rollback of voluntary production cuts first introduced in 2023, with officials emphasizing flexibility to adjust output based on market conditions. • This supply boost decision comes amid volatile global crude prices and could directly impact fuel costs and inflation worldwide, particularly affecting energy-dependent economies like India.

• The U.S. Energy Department announced plans Wednesday to loan an additional 10 million barrels of crude from the Strategic Petroleum Reserve as part of a 172 million-barrel drawdown. • West Texas Intermediate crude prices exceeded $112 per barrel due to ongoing Iran conflict disruptions, prompting the reserve release to curb domestic fuel costs. • Critics warn the extensive SPR drawdown heightens U.S. energy vulnerabilities during prolonged geopolitical tensions and supply chain risks through key chokepoints.

Affected communities in Queensland and the NT can apply for an Australian government disaster recovery payment from 2pm SaturdayGet our breaking news email, free app or daily news podcastThousands of people are bracing for Severe Cyclone Narelle as it barrels towards the Northern Territory, with winds of up to 195km/h expected from the dangerous storm as it moves west from far north Queensland.Narelle was downgraded from a category four to a two as it moved through the Gulf of Carpentaria after making landfall across Cape York on Friday, forecasted to hit eastern Top End late Saturday. Continue reading...