Iran exports about 2 million barrels of its daily output of 3.8 million, said Mohsen Ghamsari, NIOC’s director of international affairs. The country has regained about 80 percent of the market share it held before the U.S. and European Union tightened sanctions on its oil industry in 2012, he said. Sanctions were eased in January, and Iran plans to double crude exports.

Directors emphasized the need for continuing structural reforms to support a successful transition and improve the efficiency of the economy. They saw merit in continued restraint in wage settlements and further reforms to reinvigorate productivity growth. Aligning public sector pensions with recent private sector reforms and reforms to sickness and disability pensions could increase labor force participation. Directors also saw scope for efficiency gains from reducing tax preferences for owner-occupied housing and relaxing supply restrictions in the housing market.

The number of rigs running in the US to drill the horizontal wells used for shale oil production has been rising since May. At 272 last week it was at its highest level since early April, according to Baker Hughes, the oilfield services company.

US crude oil production during April amounted to 8.933 million b/d, a decline of 2.5% from the March average and 7.9% from the April 2015 average.

Monthly average crude oil prices for April rose in all categories of sale. The average domestic crude oil first purchase price increased $3.72 (11.7%), to $35.59 per barrel.

Russian oil and gas companies will maintain stable capital spending in the next few years, while the global industry cuts back, thanks in part to advantages provided by the country’s currency, according to Fitch Ratings.

Venezuela’s oil output, already the lowest since 2009, is set to slide further this year as contractors scale back drilling after the cash-strapped country fell more than $1 billion behind in payments.

Canada's oil sands production will grow by 42 percent to 3.4 million barrels per day by 2025, most of which will come from the expansion of existing facilities rather than new projects

Oil output will reach 69 million tonnes of oil equivalent in 2016, against 67 million tonnes last year, while gas production will rise to 132.2 billion cubic meters (bcm) from 128.3 bcm in 2015 and 130.9 bcm in 2014, a Sonatrach report showed.

"We believe that the (function of) regulation has moved to three main players, which are the United States, Saudi Arabia and Russia," he said.