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Russia is shipping nearly record volumes of oil amidst ongoing attacks on refineries, pushing more barrels onto the global market even as production declines. This is reported by Bloomberg.
Average daily shipments over the 4 weeks leading up to June 14 reached 3.83 million barrels. This is the highest since December, unchanged compared to the previous week, according to tanker tracking data collected by Bloomberg. Since the start of the year, the average volume of 3.49 million barrels per day exceeds annual figures for every year since the onset of the special military operation in February 2022.

U.S. military is coordinating dozens of secret operations for ship-to-ship oil transfers at the exit of the Strait of Hormuz, utilizing aircraft, maritime drones, and helicopters to escort convoys to the waiting tankers. This is reported by Reuters citing sources.
The operation employs a "tanker" technique that Iran has long used to circumvent sanctions. The transfer occurs at two points in the Gulf of Oman – off the coast of Fujairah in the UAE and at the Omani port of Sohar. According to shipping statistics and satellite images analyzed by Reuters, it began in early May, involving at least 116 vessels.

Iron ore prices have dipped below $100 per ton for the first time since March, driven by signs of oversupply amid weakening demand from China. This is reported by Bloomberg.
Futures dropped 2.1% to $99.10 per ton in Singapore, marking a second consecutive day of decline. This week's data showed that steel production in China contracted again in May. Additionally, investments in fixed assets and consumer spending have fallen to levels not seen since the pandemic, exposing risks for the largest economy in Asia.

European wheat futures trading in Paris dropped below the €200 mark on Monday, hitting a low not seen in nearly four months, though they bounced back slightly by the end of the trading session.
The September contract for milling wheat on the Euronext exchange in Paris wrapped up the trading session at 19:30 with a drop of 0.5% — down to €199.75 ($231.73) per metric ton. During trading, the contract dipped to €198 — the lowest level since 28.02.

The U.S. Commodity Futures Trading Commission (CFTC) is considering blocking the CME Group's proposal to launch 24/7 futures contracts for crude oil, according to Bloomberg, citing a senior official familiar with the situation.
CME announced on Thursday plans to roll out round-the-clock trading seven days a week for a range of futures contracts on crude oil and gold.

Indian state-owned companies SAIL and NMDC are eyeing the acquisition of coal assets in Russia to secure stable supplies of this critically important commodity. According to Indian sources cited by Reuters.
India, the world's second-largest steel producer after China, sent a delegation to Russia last month for preliminary talks with government and industry representatives, reported three sources familiar with the situation.

Iraq and the UAE are ramping up plans to expand pipelines, aiming to replace the capacity lost due to the closure of the Hormuz Strait, as new data reveals their heavy dependence on the Persian Gulf. This is reported by CNBC.
Last week, the Iraqi cabinet approved plans to accelerate oil exports through the Kurdistan-Turkey pipeline network, which will more than triple existing supplies, from 220,000 barrels per day to 770,000. This route leads to the Turkish Mediterranean port of Ceyhan and is set to support the oil-dependent Iraqi economy, which accounted for 53% of the country's real GDP in 2025, according to the World Bank.

Saudi Arabia gained the special guest country status at the St. Petersburg International Economic Forum (SPIEF) in 2026, which runs from June 3 to 6. What is Riyadh aiming to achieve by warming up to Moscow? What are Russia's interests?
OPEC has lost a key player.
Russia and Saudi Arabia each produce 9-10 million barrels of oil per day. Together, they account for over 20% of the total global output. This gives them significant control over supply - even despite Western sanctions and price caps on Russian oil imposed after the onset of the full-scale war in Ukraine, as well as disruptions caused by the blockade of the Strait of Hormuz.

The Trump administration's auction for leasing oil and gas parcels in the Arctic National Wildlife Refuge in Alaska brought in $3.7 million in winning bids for five land parcels, according to representatives from the U.S. Department of the Interior.
A total of 58 parcels covering 689,000 acres in a remote wildlife refuge, home to polar bears, caribou, and migratory birds, were up for grabs. Only two players joined the auction: Hex Energy LLC and the Alaskan Industrial Development and Export Authority. They submitted nine bids for five parcels totaling around 70,000 acres.

OPEC's oil production dropped by 1.22 million barrels per day in May, hitting 16.33 million barrels, according to a Bloomberg study. This is the lowest level since at least 1989, the agency notes. More than half of the drop came from Iran. The blockade of the Islamic Republic's ports by the U.S. and supply disruptions from the Persian Gulf continued to restrict hydrocarbon production. Additionally, the analysis excluded the United Arab Emirates, as the country exited OPEC last month after six decades of membership.

Iran's crude oil and condensate exports in May fell to the lowest level in at least six years, dropping below 300,000 barrels per day, according to shipping data and analyst estimates. The decrease is primarily due to the U.S. naval blockade imposed on 13.04.

Oil production in Russia has "dipped" a bit compared to the volumes at the start of the year due to "unscheduled repairs" at several oil refineries (NPPs). This was stated by the Deputy Prime Minister of the Russian Federation, Alexander Novak, while chatting with journalists at the St. Petersburg International Economic Forum (SPIEF) on Thursday, June 4.

Iranian oil prices have gone into discount for the first time since April, while the premiums for Russian oil have dropped as traders cut prices to attract Chinese buyers amid sluggish demand. This was reported by trading sources cited by Reuters.
The drop in prices for Iranian and Russian oil from the world's largest buyer is expected to hit the oil revenues of Russia and Iran, which is also facing an American blockade that has sharply reduced its exports.

Australia's trade surplus bounced back sharply in April, fueled by a rise in exports of iron ore, minerals, and coal, which offset a modest increase in imports driven by higher fuel purchases, according to data from the Australian Bureau of Statistics released on Thursday.

The US Strategic Petroleum Reserve decreased to 357.1 million barrels for the week ending May 29, 2025, hitting a low not seen since January 2024. This is reflected in the weekly report on the oil market status from the US Energy Information Administration, released on Wednesday.

In Russia, amidst the ongoing war against Ukraine, tensions are escalating in the fuel market. The pressure is coming from multiple fronts: regular strikes by Ukrainian drones on oil infrastructure are cutting refining capacities, while instability in the Middle East and risks around the Hormuz Strait are impacting global prices. Meanwhile, the summer holiday season is approaching—a time when fuel demand typically spikes, further pushing prices up, experts note.

Kuwait Petroleum Company expects to recover about 70% of oil production within six to eight weeks after the reopening of the Hormuz Strait, stated the managing director of the International Marketing Company.
Sheikh Khaled Ahmad Al-Sabah made this statement on Tuesday at the S&P Global Energy Middle East Petroleum and Gas Conference. According to him, it will take about another month to restore the remaining 30% of production capacity.

Copper prices are likely to hold support in the short term, despite the growing divergence with fundamental demand indicators, say analysts at BCA Research, who have upgraded the metal's rating to neutral from 'underperform' in their commodity sector asset allocation model.

Oil production in Colombia increased by 1.5% year-on-year in April, averaging 724,910 barrels per day, as reported on Monday by the National Hydrocarbons Agency. The April figure was the lowest in the past year.
Compared to March, production dropped by 2.1% — down to 740,497 barrels per day. Thus, the monthly trend is the opposite of the yearly: the production volume fell from a higher level of the previous month.

The Democratic Republic of the Congo approved a decree on Friday that includes lithium and several other metals in the list of strategic minerals. This decision will require mining companies to pay royalties of 10% instead of the current rate of 3.5% established for non-ferrous metals.