The Worldwide Rig Count for May was 1,706, up 78 from the 1,628 counted in May 2022,and up 381 from the 1,325 counted in May 2021.

U.S. Rig Count is down 3 from last week to 750, Canada Rig Count is up 12 from last week to 166.

Brent fell 33 cents, or 0.3%, to $111.30 a barrel, WTI slipped 40 cents, or 0.4%, to $108.03.

The price of OPEC basket of thirteen crudes stood at $113.20 a barrel

Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th and 29th OPEC and non-OPEC Ministerial Meetings and the decision to adjust upward the monthly overall production for the month of August 2022 by 0.648 mb/d.

Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.

Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.

The price of OPEC basket of thirteen crudes stood at $112.35 a barrel

Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.

"Today, nobody is bothering who is buying what from where. We are quite happy to source from as far as we can," a leading Indian oil ministry source said.