Brent crude futures were at $71.06 a barrel at 0646 GMT, down 18 cents, or 0.3%, from their last close. Brent ended 1.4% higher on Tuesday. U.S. West Texas Intermediate (WTI) crude futures were at $61.33 per barrel, down 45 cents, or 0.7%, from their previous settlement. WTI closed up 1.2% in the previous session.

IEA - Our headline growth estimate for 2019 has changed little since the middle of last year, but this month we cut it by 90 kb/d to a still healthy 1.3 mb/d.

The United States produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017. This increase in production outpaced the 4% increase in U.S. energy consumption, which also reached a record high of 101 quads.

China's refinery crude throughput rose 5.1% year on year to 52.1 million mt, or 12.73 million b/d in April, a record high on barrel per day basis, preliminary data released Wednesday by the National Bureau of Statistics showed.

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 83,000 b/d month-over-month in June from 8,412 to 8,495 thousand barrels/day, gas production to increase 943 million cubic feet/day from 79,720 to 80,663 million cubic feet/day .

The sanctions have already more than halved Iranian oil exports to 1 million bpd or less, from a peak of 2.8 million bpd last year. Exports could drop to as low as 500,000 bpd from May, an Iranian official told Reuters this month.

In the first quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,379 thousand boe per day, which is 4.1% higher year-on-year and 0.3% higher quarter-on-quarter. The increase was mainly driven by the development of gas projects in Uzbekistan.

Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT. U.S. West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement.

OPEC's collective crude oil production in April held relatively steady from March, rising just 30,000 b/d to 30.26 million b/d,

Russian oil production has fallen to 11.16 million barrels per day (bpd) on May 1-12 from an average of 11.23 million bpd in April