Crude oil production from the major US onshore regions is forecast to decrease 93,000 b/d month-over-month in June from 7,725 to 7,632 thousand barrels/day, gas production to decrease 693 million cubic feet/day from 81,254 to 80,561 million cubic feet/day .

The imbalance is forecast to reach 4.6 million bpd in July, 4.2 million bpd in August

"Our oversupply was a little less than 100,000 b/d against the agreed numbers, and so that is not really that significant," Kyari said.

Iraq's output was well above its quota of 3.592 million b/d for May and June. as agreed under the historic production cuts of OPEC and its allies, led by Russia.

Russian Energy Minister Alexander Novak said on Thursday that the global oil market may see a shortage of 3-5 million barrels per day (bpd) in July, depending on the parameters of a deal to be reached by OPEC+ producers,

Russian oil and gas condensate production fell to 39.7 million tonnes (9.39 million barrels per day) in May

The UAE, which pumped a record 4.1 million b/d in April, has also pledged to trim an extra 100,000 b/d in June, on top of its OPEC+ commitments,

Global gas prices have plunged to record lows in the past weeks due to an oversupplied market and reduced demand due in part to the coronavirus pandemic.

Argentina's oil-producing provinces applauded the reference price as well as an elimination of the 8% export tax when Brent is less than $45/b.

Norway's preliminary production figures for April 2020 show an average daily production of 2 117 000 barrels of oil, NGL and condensate,