OPEC and 10 allies, including Russia, are in the midst of a historic production cut accord aimed at helping the oil market recover from the COVID-19 pandemic. The curbs initially started at 9.7 million b/d for May-July, before tapering to 7.7 million b/d from August through the end of the year.

U.S. commercial crude oil inventories decreased by 2.0 million barrels to 492.4 million barrels

U.S. real gross domestic product (GDP) decreased at an annual rate of 31.4 percent in the second quarter of 2020

Nord Stream 2 would double the capacity of the gas corridor via the Baltic Sea to Germany to 110 Bcm/year and would reduce the need for Russia to use Ukraine as a transit country for gas supply to Europe.

U.S. Rig Count is up 6 from last week to 261, Canada Rig Count is up 7 from last week to 71

Natural gas consumption in the U.S. industrial sector declined from 25.4 billion cubic feet per day (Bcf/d) in January 2020 to 20.1 Bcf/d in June 2020,

Russia’s crude oil export in January-July 2020 was down 4.2% year-on-year to 143.2 mn tons. In terms of value, crude oil export decreased by 36.6% year-on-year making $43.9 bn.

Russia has 36 nuclear power units in operation and three new ones under construction. In March, Russia's Ministry for Economic Development published a draft strategy for low-carbon development to 2050. The strategy's basic scenario would see nuclear output grow from 203 TWh in 2017 to 225 TWh in 2030 and 260 TWh in 2050. State nuclear corporation Rosatom's foreign orders include 36 units, which are at various stages of implementation.

U.S. commercial crude oil inventories decreased by 1.6 million barrels to 494.4 million barrels,

Despite a decline since the record monthly high of 3.7 million b/d in February, U.S. crude oil exports averaged 3.2 million b/d in the first half of 2020, up from 2.9 million b/d in the first half of 2019.