The final boost will come in August. By then, OPEC+ will be running out of spare production capacity.

Preliminary production figures for May 2022 show an average daily production of 1 831 000 barrels of oil, NGL and condensate.

"We see that we have a fairly significant increase in June compared to May, up around 600,000 b/d," Novak said on the sidelines of the St Petersburg International Economic Forum,

"The energy complex is very tight globally and LNG prices will be supported in the next two-three months at the very least," a trading source based in Singapore said June 13.

Libya is pumping only about 100,000 barrels a day.

India imported 54% of its oil needs and 56% of its gas needs in 2020. After coal (44%), oil represented 24% of the country’s total consumption in 2020, against 6% for natural gas. As of 2021, India's oil reserves are estimated at 4,530 mbl and its gas reserves at 1,372 bcm.

The Siarmal mine, located in the state of Odisha (eastern India), will start producing 2-5 Mt/year and will ramp up its production capacity of 50 Mt/year in 5 to 7 years.

The discounted Russian Urals had helped to boost refining margins and operation rates for independent refineries.

Preliminary production figures for April 2022 show an average daily production of 1 871 000 barrels of oil, NGL and condensate.

After a fall of 1 million b/d in April, Russian oil production has risen by 200,000-300,000 b/d in May and will continue to increase next month