OPEC will earn about $842 billion in oil export revenue in 2022, the most inflation-adjusted net oil export revenue for the group since 2014, when they collectively earned nearly $992 billion.

U.S. commercial crude oil inventories decreased by 3.3 million barrels to 421.7 million barrels.

Brent rose 45 cents, or 0.4%, to $101.67 a barrel, WTI was up 32 cents, or 0.3%, at $95.21 a barrel.

The EU’s sixth round of sanctions over the invasion of Ukraine includes a ban on Russian oil, as well as the use by third countries of the bloc’s companies for insurance and financial services.

UK was facing a “catastrophic winter”, telling the BBC that half of all households could fall into fuel poverty without intervention.

Brent gained 42 cents, or 0.4%, to $96.90 a barrel, WTI rose 40 cents, or 0.4%, to $90.76 a barrel.

The price of OPEC basket of thirteen crudes stood at $99.66 a barrel

Russia’s Gazprom will halt flows on its key Nord Stream gas pipeline for three days of repairs on Aug. 31, again raising concerns it won’t return after the work.

Russia is now China’s top supplier of the fuel, supplanting Indonesia after the Southeast Asian nation deterred buyers by raising prices.

Brent fell $1.60, or 1.6%, to $95.12 a barrel, WTI were down $1.56, or 1.7%, at $89.21 a barrel.

Benchmark futures rose as much as 16%, also driving up electricity prices to fresh records. The key Nord Stream pipeline will stop for three days of maintenance on Aug. 31, again raising concerns that the link won’t return to service as planned after the works.

There is no indication that such orderly liquidations would be offset by orderly installation of replacement facilities,

Preliminary production figures for July 2022 show an average daily production of 1 876 000 barrels of oil, NGL and condensate.

U.S. Rig Count is down 1 from last week to 762, Canada Rig Count is unchanged from last week at 201

Brent fell 36 cents, or 0.4%, to $96.23 a barrel, WTI was at $90.29 a barrel, down 21 cents.