Our free weekly round-up of the latest news in the oil market is below, available to download in PDF format.

• Brent closed trading at $76.67/bbl, rising $4/bbl from the beginning of the week as the Fed decided to pause interest rate hikes and IEA forecasts stronger demand.
• IEA sees demand growing 2.4 million this year
• OPEC output fell in May and Russia quota increased by 120,000 b/d
• Prax E&P acquires Hurricane, becoming a new player in the UK North Sea alongside Waldorf and Kistos
• The UK government is proposing to ease pressure on the oil & gas industry by setting a floor to its most contested Energy Profits Levy aka “windfall tax”. The windfall tax is to remain until 2028, but will be removed if oil price drops to below $71.40/bbl and gas below £0.54 per therm for two consecutive quarters.
• US operator Apache has suspended drilling on all its UK platforms and is considering withdrawing investment from the country and selling its assets.
• Governments approve Pemex’s Zama and Aker BP’s Yggdrasil and Valhall PWP-Fenris mega projects
• Australia and Brazil on more P&A work
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