U.S. commercial crude oildecreased by 7.5 million barrels from the previous week to 531.7 million barrels

China's previous record high was 13.84 million b/d in December 2019.

40 U.S. oil producers collectively wrote down $48 billion worth of assets in the first quarter of 2020.

Brent up 35 cents, or 0.8%, at $43.25 a barrel, WTI rose 38 cents, or 0.1%, to $40.67 a barrel.

In 2021, oil demand is forecast to partially recover from the current year to show historic high growth of 7.0 mb/d.

OPEC+ sources have said no recommendations have been made to prolong record cuts into August

Brent fell 44 cents to $42.28, WTI fell 44 cents to $42.28

Crude oil production from the major US onshore regions is forecast to decrease 56,000 b/d month-over-month in July from 7,546 to 7,490 thousand barrels/day, gas production to decrease 712 million cubic feet/day from 80,266 to 79,554 million cubic feet/day .

The fact that we are seeing 20% to 30% capital cost cuts this year quite radically means that we will face huge volatility in the future, because these are supplies that will not be coming on time when demand will recover.

The key Joint Ministerial Monitoring Committee, co-chaired by Saudi Arabia and Russia, the two largest members of the coalition, will convene online July 15 and make a final recommendation.