Supply Shocks Offset Macroeconomic Concerns, Keeping Oil Prices Stable

Oil prices remain flat as supply shocks are countered by ongoing macroeconomic concerns, particularly in China. Hurricane Idalia is expected to make landfall in Florida, avoiding major oil and gas infrastructure in Texas and Louisiana. Chevron workers in Australia have approved strikes, putting 5% of global LNG supply at risk. The Biden administration is holding the first-ever offshore wind auction in the Gulf of Mexico. A blaze at Marathon Petroleum's Louisiana refinery prompts a shutdown, boosting diesel cracks. Cyprus has not approved Chevron's development plan for the Aphrodite field. UN experts express concern over Saudi Aramco's expansion of fossil fuel production. China increases coal imports due to hydropower problems and coal mine safety checks. Nigeria aims to restart all four of its idled refineries by the end of 2024. ENI starts oil and gas production at the Baleine field in Ivory Coast. Toyota suspends operations at its assembly plants in Japan due to a system collapse. Melbana Energy claims a significant oil discovery in offshore Cuba. Zijin Mining seeks to expand operations at its copper mine in Serbia.