Oil Daily | OPEC Mulls Supply Increase; Indian Refiners Face Uncertainty Over Russian Oil Penalties

【Global Oil Supply and Demand】

OPEC is poised to decide on a potential production increase of 548,000 bpd for September, accelerating the return of 2.2 million bpd in cuts. Yet, questions linger about the actual impact on market supply. OPEC has 1.66 million bpd of sidelined supply, with plans to revisit it uncertain.

【Oil-Producing Countries Dynamics】

Indian refiners face uncertainty over U.S. President Trump's threats of penalties for purchasing Russian oil. Several tankers carrying Russian crude are idle off India's coast as refiners seek guidance. India's increased Russian oil imports could be disrupted, potentially altering global crude flows and sourcing strategies.

【Industry News】

Enbridge reported record core earnings due to strong liquids flows and rising power and gas demand. The company's adjusted EBITDA for Q2 was $3.36 billion, with expectations to end the year at the higher end of guidance. Enbridge is expanding its infrastructure, including a solar project in Texas and a gas storage facility in British Columbia.

【Company News】

ExxonMobil's Q2 earnings exceeded expectations with $7.1 billion, driven by increased U.S. Permian and offshore Guyana production. Despite lower crude realizations, volume growth and cost savings supported earnings. Exxon maintained its buyback pace, reassuring shareholders about returns amid volatile markets.

Chevron surpassed profit estimates due to record production in the Permian and increased global output. Q2 adjusted earnings were $3.1 billion, despite lower realizations. The acquisition of Hess Corporation strengthened Chevron's portfolio, with significant production growth expected in the coming decade.