WorldOil Europe’s supermajors signal the era of big oil profits is back Europe’s largest oil and gas companies are showing confidence that the era of big profits is back by significantly boosting returns to shareholders. Oil prices manage a weekly gain as global crude demand holds up Oil squeezed out its first weekly gain in three on signs that global demand is holding up despite concerns that the renewed spread of the virus could stall the recovery. Natural gas price nears three-year high as summer heat strains supply Natural gas futures soared to $4 per million British thermal units in the U.S. for the first time since December 2018 as summer heat intensified concerns about tight supplies later this year. Oil prices rally following harsh Monday selloff Oil jumped the most since mid-April amid broader market gains and after a U.S. government report showed declining fuel and distillate stockpiles during the high-demand summer driving season. U.S. crude oil exports reached record levels in 2020, remain high in 2021 Despite volatility in global oil markets, U.S. crude oil exports reached a record high in 2020, maintaining momentum in 2021 with crude oil exports reaching 3.00 million barrels per day (bpd). Oil prices plunge on coronavirus threats, OPEC’s pledge to add barrels Futures in New York lost as much as 8.3% on Monday as OPEC and its allies pledge to increase oil production from August until all halted output is revived. A jump in virus cases from Asia to the U.S. drove down equities, with stocks in Europe hitting a seven-week low. OPEC agrees to boost oil output in August on Saudi-UAE compromise OPEC's deal will will ease a looming crude supply squeeze and reduce the risk of an inflationary oil price spike by increasing output each month beginning in August. OPEC plans Sunday oil output discussion as UAE standoff ebbs OPEC and its allies will meet on Sunday, the latest sign that a bitter standoff between Saudi Arabia and the United Arab Emirates has been resolved. Forecasters agree more OPEC oil is needed, but just how much is up for debate The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all say that global oil demand will continue to recover through to at least the end of next year. But there is some disagreement on the paths it will take to get there. OPEC forecasts pre-pandemic oil demand will return in 2022 “Looking ahead to 2022, risks and uncertainties loom large and require careful monitoring to ensure the recovery from the Covid-19 pandemic,” OPEC said in its monthly report, which contained the first detailed estimates for next year.