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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.

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.

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.

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.

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.

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.

WTI crude oil futures took a dive during Asian trading on Friday.
On the New York Mercantile Exchange, July WTI crude futures are trading at $87.56 per barrel, having dropped by 1.51% at the time of this commentary. As of now, WTI found support at $87.27 and resistance at $99.43.

This month, for the first time, a shipment of oil from the U.S. Strategic Petroleum Reserve has been delivered to California, reports the shipping tracker Kpler.
This delivery reflects a shift in trade flows and routes after the war with Iran disrupted supplies of Middle Eastern oil. Last year, California imported about 230,000 barrels per day from the Middle East, while alternative sources of crude are constrained by competing demand from Asia.

The Russian authorities are considering implementing restrictions on the export of diesel fuel and aviation fuel. This was reported on Tuesday, May 26, by the agencies "Interfax" and RBC, citing sources. Deputy Prime Minister Alexander Novak held a meeting regarding the current situation in the fuel market.
"It's necessary to keep a constant watch on the situation @…> to ensure coordinated actions between federal agencies and industry companies, and to develop additional response measures promptly if needed," he stated.

On Tuesday, Brent oil prices are climbing after a dip at the start of the week. U.S. military operations in southern Iran and conflicting statements from Trump about the negotiations between Tehran and Washington continue to keep traders on edge, reports CNBC.
At 10:45 AM London time, July futures for the benchmark international brand Brent surged by 3.4%, reaching $99.39 per barrel. Meanwhile, July futures for American WTI crude traded at $92.85 per barrel, down 3.9% compared to Friday's close (trading for WTI was halted on Monday due to the Memorial Day holiday in the USA).

Egypt will conduct its first comprehensive aerial reconnaissance of mineral resources in over four decades, reports Bloomberg. This move is part of the government's efforts to discover new deposits and attract foreign investments into the mining sector.

Global crude steel production fell by 1.9% year-on-year to 153.4 million tons in April, according to data released on Friday by the World Steel Association.
China, the world's largest steel producer and consumer, has recorded a 2.8% drop in crude steel output to 83.6 million tons in April compared to the same month last year, according to the data.

Copper prices and other industrial metals have shifted into a bullish trend—optimism surrounding a potential peace deal between the US and Iran has given a boost to risk assets, reports Bloomberg.
At the London trades, copper spiked by 0.8% at one point. Iranian officials stated that the latest US proposals have helped narrow the gaps between the parties, while Secretary of State Marco Rubio noted 'some positive signals' on the path to a deal. However, unresolved issues remain, such as the amount of enriched uranium stockpiled in Tehran and the dispute over tariffs for transit through the Strait of Hormuz.

London has granted an indefinite license for the import of kerosene and diesel fuel made from Russian oil in third countries. The decision takes effect on May 20.
The UK has issued a license for the import of diesel fuel and aviation kerosene made from Russian oil in third countries. This was reported on the government's website on Tuesday, May 19. The document will allow the import of oil products of Russian origin, bypassing the current sanctions.

Shipping in the Strait of Hormuz, a critical route for oil supplies from the Persian Gulf, could resume as early as June, as the risk of oil supply depletion increases pressure on U.S. leadership, according to JPMorgan. Fitch has projected a slightly longer timeline—but they also expect the strait to reopen this summer. Meanwhile, Moody's has warned that President Donald Trump has only a week left before "real problems" start to arise.