US crude oil production in March averaged 9.127 million b/d, down from 9.133 million b/d in February and 9.648 million b/d in March 2015.

Chinese exports of diesel began to increase rapidly in 2015, driven by a structural shift in China's economy—which is reducing diesel demand—and by reforms in China's refining sector, which are contributing to increased refinery utilization and diesel production. These two factors have pushed Chinese net diesel exports higher, to more than 300,000 barrels per day in April.

Russia’s crude production continuing to grow this year by around 100,000 b/d or even slightly above this figure. The growth is supported by investments made in previous years.

Indonesia's oil and gas company PT Pertamina seeks the possibility to develop oil and gas fields in Iran and import liquefied natural gas (LPG) from the Middle East country.

Oil futures jumped 31 percent this year, climbing above $50 a barrel last week, as U.S. crude stockpiles declined, trimming a glut. Robust demand in India and other emerging nations led the International Energy Agency in May to reduce its estimate of the global oil surplus for the first half. Brent last traded above $60 in July.

Saudi Arabia has been fighting with fellow OPEC members since the oil rout started two years ago. For the first time next week, it can argue convincingly that its strategy of squeezing rival producers is succeeding.

The aggregate net debt of the 15 largest North American and European oil groups rose to $383bn at the end of March, up $97bn from 12 months ago.

Nigeria's crude oil and condensate production has fallen almost 50% from the start of the year to around 1.1 million b/d.

U.S. Rig Count is unchanged from last week at 404, with oil rigs down 2 to 316, gas rigs up 2 to 87, and miscellaneous rigs unchanged at 1. Canadian Rig Count is down 1 rig from last week to 43, with oil rigs down 2 to 14, gas rigs up 1 to 28, and miscellaneous rigs unchanged at 1.

“We’re facing a chance of a lifetime to become a global pricing center for commodities,” Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the Shanghai Futures Exchange’s annual conference in the city on Wednesday. “On the way to realize this goal, we’ll see very intense competition. We have the advantage of trading size and economic growth, but our legislation is still not sound and we lack enough talent.”