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

• Brent price reaches $83/bbl driven by strong US economic data: lower jobless claims and better-than-expected 2Q GDP.
• US 2Q GDP unexpectedly rises to 2.4% vs 2% in 1Q23 due to robust consumer spending and business activities despite high inflation.
• IMF revises 2023 GDP growth to 3%, up 0.2% from previous, but warns about the impact of continued interest rate hikes by central banks.
• Weekly US oil inventory data shows draws in motor gasoline and jet fuel, indicating robust summer season oil demand.
• Russia hikes crude export tax by 8% to $2.3/bbl from August to boost oil export revenues and offset production cut losses.
• India turns to Iraq for discounted oil as Russia sells above G7 price cap; discounts drop to $3-$3.5/bbl in August from $8-$9/bbl in July.
• Oil companies’ 2Q earnings decline as oil and gas prices drop. ExxonMobil, TotalEnergies, and Shell report 2Q earnings down 56%, 28%, and 56% y-o-y respectively, but launch buybacks worth $8.8 billion.
• More frontier drilling plans confirmed. Eni to drill at Mexico’s Sureste basin in 2025. Equinor’s Argentinian well in 2024. TotalEnergies starts Lebanon drilling in August.