While the U.S. and European Union have already moved to ban imports of Russian oil into their ports, officials are now scrambling to curb Russia’s revenue from its oil sales globally and also avoid soaring energy prices during a time of high inflation.

The company boosted coal production by 6.2% to 300 million tons and increased sales to 390 million tons.

Combined, OPEC+ crude production rose to a three-month high of 42.09 million b/d of June,

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.

The Indonesian state-owned oil and natural gas company Pertamina released its results for 2021, posting a total revenue of US$57.5bn (+39% compared to 2020) and a profit of US$2.2bn

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.