Iranian Minister of Petroleum Javad Owji said the current capacity of oil production in Iran has exceeded 3.8 million barrels per day, reaching the pre-sanctions levels.

Brent was up $1.17, or 1.1%, to $108.70 a barrel, WTI was up $1.15, or 1.1%, at $104.43.

Brent was up 63 cents, or 0.6%, to $105.02 a barrel , WTI gained $1.08, or 1.1%, to $100.35.

The price of OPEC basket of thirteen crudes stood at $107.74 a barrel

Europe's largest economy is heavily dependent upon Russia for energy, and nations banks echoed concerns over possible energy disruption expressed by big names in industry in recent days.

The first 90 million barrels will be released between May and July, through two notices of sale totaling 70 million barrels, and 20 million barrels already scheduled to be released in May 2022.

The Worldwide Rig Count for March was 1,661, down 8 from the 1,669 counted in February 2022,and up 430 from the 1,231 counted in March 2021.

U.S. Rig Count is up 3 from last week to 673, Canada Rig Count is down 16 from last week to 124.

Brent slid by 79 cents to $103.92 a barrel, WTI were down $1.02 at $99.26 a barrel.

Reconfirm the baseline adjustment, the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of May 2022, as per the attached schedule.