Iraq pumped 4.213 million b/d of crude oil in May, above its OPEC+ quota of 3.592 million b/d and exported 3.63 million b/d, oil marketer SOMO said on June 7.

U.S. Rig Count is down 5 rigs from last week to 279, Canada Rig Count is unchanged from last week at 21

Brent fell 3.4%, or $1.42, to $40.31 a barrel, WTI dropped 4%, or $1.60, to $38 a barrel,

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.7 million barrels from the previous week. At 538.1 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year.

The imbalance is forecast to reach 4.6 million bpd in July, 4.2 million bpd in August

"Our oversupply was a little less than 100,000 b/d against the agreed numbers, and so that is not really that significant," Kyari said.

Brent fell 70 cents, or 1.7%, to $40.48 a barrel, WTI dropped 98 cents, or 2.5%, to $37.96.

monthly Brent prices will average $37/b during the second half of 2020 and rise to an average of $48/b in 2021.

S.Korea aims to sharply increase production of hydrogen-powered vehicles and electricity generation by hydrogen, in an effort to use hydrogen as a major energy source for transportation and power generation.

Brent was down 52 cents, or 1.3%, at $40.28 a barrel, WTI fell 27 cents, or 0.7%, to $37.92.

«Необходимо соответствовать обязательствам по соглашению - от этого зависит успех сделки. Все страны подтвердили необходимость выполнения этого соглашения. Те, кто его недовыполнил, должны в течение нескольких месяцев убрать с рынка дополнительные баррели, чтобы обеспечить полное соответствие», - сказал Александр Новак.

Iraq will stick to its quota in June and July and will make further reductions later on

Brent was up 50 cents, or 1.2%, at $42.80 per barrel, WTI rose 31 cents, or 0.8%, to $39.86 a barrel.

OPEC+ agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month.

Saudi Arabia's total oil export revenue for Q1 was Riyal 149.95 billion, down from Riyal 192.03 billion for the same quarter the previous year.