Oil prices have traded below $100 per barrel since the beginning of August.
A recession could weigh further on global oil demand, though many analysts are bullish on oil in 2023.
The looming EU embargo on Russian seaborne oil imports at the end of this year is also expected to push prices higher.

JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June.
The low level of crude inventories coincided with record-high gasoline prices in the U.S. in June.
Product inventories, on the other hand, rose by 34.1 million barrels to 650.5 million barrels.

The war in Ukraine has forced the West to target Russian energy exports.
Russia has instead offered its crude oil at massive discounts to India and China.
Russia became China’s largest oil supplier earlier this year, according to Chinese customs data for May, overtaking its OPEC+ partner Saudi Arabia.

U.S. shale producers have resisted calls from the government to substantially raise production, preferring to return cash to shareholders and repair their balance sheets.
The Kingdom of Saudi Arabia-KSA has also received calls from the U.S. government to increase its output. KSA has notionally agreed, but with relatively token amounts that do not address the U.S. government’s goal of reducing oil prices.
A closer look at their recent report to shareholders, along with other investing actions they have taken, seems to draw similarities in mindset with U.S. shale producers, in terms of holding to previously announced capital restraint.

Weima Co., Ltd. participated in the procurement of Sinopec's oil well pump frame and won all the bids

Energy traders saw their profits spike during the pandemic, and continue to perform well in 2022.
BP has managed to build one of the most successful energy trading ventures.
Massive trading floors that sometimes rival Wall Street’s biggest banks are becoming increasingly important to oil companies.

Money managers have started to close out short positions on oil.
The oil price slump that started mid-June could be about to reverse.
The disconnect between the physical crude market and paper crude market remains large.

Slowing global oil demand growth next year, spiking food prices, and fears of recession in major oil-importing countries are set to slow economic growth in the Middle East.

Putin and MBS discuss OPEC+ and oil markets in phone call.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June.
The phone call is just the latest in a series of calls between Saudi Arabia and Russia.

High fuel prices is beginning to weigh on consumption.
The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd.
“Higher prices and a deteriorating economic environment have started to take their toll on oil demand,” the agency said.

Though oil prices are on the rise across the globe, China is seeing prices fall.
Western sanctions against Russia have left Moscow willing to unload its crude at mind-bending discounts.
China is taking advantage of the current geopolitical climate, buying up as much Russian oil as it can.

Weima won all the bids in CNPC's "three pumpings" framework bidding