In 1H 2022, new capital projects have declined 19% vs. 1H 2021.
The EIA's new report, titled Global Surplus Crude Oil Production Capacity, provides estimates of global surplus crude oil production capacity in both OPEC countries and non-OPEC countries.
Wall Street analysts sharply increased their ExxonMobil Corp second-quarter profit estimates after the largest U.S. oil producer projected it could almost double its first-quarter earnings.
More than 5 MM barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month.
China's Yantai Port Group started on Monday pumping oil into a newly expanded crude oil pipeline that connects the port of Yantai to a group of independent refineries in the country's refining hub Shandong.
India will only withdraw its windfall tax introduced last week for oil producers and refiners if global prices of crude fall as much as $40 a barrel from present levels.
Production at Venezuela's largest refinery, which can process about 645,000 barrels of oil per day (bpd), was halted late on Saturday by an electrical fault that caused a blackout.
Exports of Ecuador's flagship Oriente crude remain suspended under a force majeure declaration as the spread of anti-government protests hurts oil output.
Workers at Exxon's Esso refinery in Fos-sur-Mer in southern France have gone on strike demanding higher wages.
German oil refiner Bayernoil GmbH plans to halt deliveries of diesel and heating oil to customers for several days from Thursday after a lightning strike.