REUTERS - “We met. We discussed energy issues, among other things. We touched upon questions related to sanctions,” Novak said in a press briefing in Washington. “We can’t sidestep these difficult questions, so of course we touched upon them during our contact.”

OGJ - Sandra Oudkirk, deputy assistant secretary for energy diplomacy at the US Department of State, confirmed that the Trump administration has received several requests to sanction the proposed Gazprom-sponsored pipeline that would extend from Russia beneath the Baltic Sea to Germany.

ARAB NEWS - The United States warned countries that they must stop buying Iranian oil before Nov. 4 or face a renewed round of American sanctions.

REUTERS - Norway, which shares an Arctic border with Russia, lacks a “credible plan” how to meet NATO’s spending target, U.S. President Donald Trump said in a letter to the country’s prime minister, the Norwegian daily VG reported on Tuesday.

WSJ - U.S. production has grown at a record-setting pace this year, hitting 10.9 million barrels a day this month after oil prices exceeded $70 a barrel for the first time since 2014. That makes the U.S. the world’s No. 2 oil producer behind Russia, but ahead of Saudi Arabia.

BAKER HUGHES A GE - U.S. Rig Count is down 7 rigs from last week to 1,052, with oil rigs down 1 to 862, gas rigs down 6 to 188 and miscellaneous rigs unchanged at 2. Canada Rig Count is up 21 rigs from last week to 160, with oil rigs up 16 to 103 and gas rigs up 5 to 57.

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

API - “Instead of utilizing a transparent decision-making process that provided room for input from key stakeholders, the administration continues to take serious missteps in the trade arena that could undermine American jobs and America’s role on the global energy stage. Trade wars with key trading partners will be detrimental to the U.S. economy and consumers.”

PLATTS - Since the US dropped all limits on crude exports in 2015, China has competed with Canada as the top buyer of US crude. US crude exports to China averaged over 358,000 b/d in the first quarter, up from nearly 175,000 b/d in Q1 2017. US crude's market share in China rose to 3.5% from 0.4% over the same period.

EIA - Crude oil production from the major US onshore regions is forecast to increase 141,000 b/d month-over-month in June from 7,198 to 7,339 thousand barrels/day , gas production to increase 1,135 million cubic feet/day from 68,624 to 69,759 million cubic feet/day .