Oil Daily | Iranian Social Media Campaign Urges Attacks on Saudi Oil in Response to U.S. Strikes

【Oil-Producing Countries Dynamics】

An Iran-based campaign on social media channels, Car Online, has incited Yemeni followers to target Saudi oil facilities in retaliation for U.S. strikes on Iranian nuclear sites, according to the Foundation for Defense of Democracies. The campaign shifted focus from Israel to Saudi Arabia after the U.S. bombed Iranian nuclear sites.

The Houthi rebels in Yemen have claimed responsibility for past attacks on Saudi oil infrastructure, notably the September 2019 attack on Aramco facilities, which was alleged by Saudi Arabia and the U.S. to have been carried out by Iran.

【Company News】

BYD is scaling back production at several factories due to rising vehicle inventories and slower-than-expected sales growth. Night shifts have been canceled, new production lines delayed, and output reduced by one-third at four factories. Despite aggressive discounts across its models, inventories continue to rise, leading to suspended operations in eastern China.

BYD holds the highest inventory levels among Chinese carmakers, with domestic sales rising 11% year-over-year to 1.15 million vehicles from January to May, while production growth stalled at 0.2% in May. BYD has set a record for registrations in China, hitting 208,550 vehicles in June.

Over the past year, BYD has overtaken Tesla as the world's top seller of battery-electric vehicles, with total sales reaching 4.27 million in 2024. Aggressive pricing, strong domestic presence, and surging exports contributed to its success.

Santos has granted exclusive due diligence access to the ADNOC-led consortium for a $18.7 billion takeover bid. The bid includes acquiring 100% of Santos shares, but regulatory approval may pose challenges due to Santos' critical energy infrastructure in Australia.

【Industry News】

Shell and partners have started two subsea compressors to boost gas recovery at Ormen Lange in the Norwegian Sea, raising recovery rate from 75% to 85% and adding 30–50 billion cubic meters more gas. Norway has been increasing gas production, overtaking Russia as Europe's top supplier since 2022.