The energy ministers of Saudi Arabia, the UAE and Russia have defended the extension of OPEC+ production cuts into Q3, saying they could pause or reverse policy if needed and lashing out at Goldman Sachs for calling the new deal ‘bearish’. But Brent crude jumped above $80 per barrel again on Friday morning following the ECB rate cut decision on Thursday, OilPrice reported. 

The oil markets got their breath back after the Monday sell-off saw WTI plunge to $73 per barrel, with Saudi Arabia and Russia insisting that the gradual return of crude to the markets should be seen as a positive signal rather than a bearish one. The interest rate cut of the European Central Bank has provided some macro upside to prices, raising the hopes for a potential Federal Reserve interest rate cut in September. 

US could speed up SPR replenishments. US Energy Secretary Jennifer Granholm stated that the United States could expedite the rate of replenishing the Strategic Petroleum Reserve as underground storage sites return from year-long maintenance and WTI remains below $79 per barrel.

Texas revives Grand Plan for new refinery. Element Fuels Holdings, a Dallas-based startup, has revived plans to build a 55,000 b/d capacity refinery in Texas, the first greenfield refinery to be built in the US in nearly 50 years, seeking to process naphtha feedstock into gasoline.

/OilPrice/