Iraq's output was well above its quota of 3.592 million b/d for May and June. as agreed under the historic production cuts of OPEC and its allies, led by Russia.

The worldwide rig count for May 2020 was 1,176, down 338 from the 1,514 counted in April 2020

U.S. Rig Count is down 17 rigs from last week to 284, Canada Rig Count is up 1 rig from last week to 21

Brent were up 27 cents, or 0.7%, at $40.26 a barrel, WTI rose 17 cents, or 0.5%, to $37.58 a barrel.

A delegate-level OPEC+ technical committee, co-chaired by Saudi Arabia and Russia, is scheduled to meet June 5 to discuss market conditions and review compliance.

Many politicians and energy companies in Germany support Nord Stream 2

Oil companies, including Norway’s state-controlled Equinor, have said they intend to reduce both operating and capital spending in order to preserve cash during the downturn.

Brent fell 1.18%, or 47 cents, to $39.32 a barrel, WTI slid 1.80%, or 67 cents, to $36.62 a barrel.

Russian Energy Minister Alexander Novak said on Thursday that the global oil market may see a shortage of 3-5 million barrels per day (bpd) in July, depending on the parameters of a deal to be reached by OPEC+ producers,

Brent were up 59 cents, or 1.5%, at $40.16 a barrel, WTI gained 80 cents, or 2.2%, to $37.61.

U.S. shale oil producers signaling they are ready to re-open wells that were shut during the market’s collapse.

Companies operating in Brazil pumped 3.738 million b/d of oil equivalent in April

Brent rose 2.5%, or 97 cents, to $39.29 a barrel, WTI climbed 2.5%, or 88 cents, to $36.32 a barrel.

"The presidents addressed world oil market developments in the context of implementing the OPEC+ agreement," the Kremlin said. "It was stated that this multilateral agreement, reached with the active support of the presidents of Russia and the United States, would lead to a gradual restoration of oil demand and price stabilisation."

Russian oil and gas condensate production fell to 39.7 million tonnes (9.39 million barrels per day) in May