OPEC - The JMMC reported that participating countries have achieved a conformity level of 152% during the fourth month of the second year of the Declaration of Cooperation. This demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long term interests of producers, consumers and the global economy.

BLOOMBERG - India, a long-time buyer of oil from both Iran and Venezuela, only complies with United Nations-mandated sanctions and not those imposed by one country on another, said foreign minister Sushma Swaraj at a press conference in New Delhi on Monday.

Novak Saudi Russia Oil Policy Shift OPEC

REUTERS - Brent crude futures LCOc1 stood at $75.35 a barrel at 0913 GMT, down $1.09 from the previous close and after touching a three-week low of $74.49 earlier in the session. U.S. West Texas Intermediate (WTI) crude futures were at $66.69, down $1.19, after hitting a six-week low of $65.80.

МИНЭНЕРГО - «В целом, все согласны, что нужно этот вопрос очень серьезно обсудить на Министерской встрече, которая состоится в июне в Вене. Там будут предложены различные варианты. Но, скорее всего, это будет плавное сокращение. Наша задача – и не дестабилизировать рынок нефти, и не перегреть его», - сказал Александр Новак

МИНЭНЕРГО - Глава Минэнерго России отметил, что цена на нефть сегодня близка к 80 долларам, а год назад она была 51,5 долларов. «Год назад мы наблюдали только начало балансировки рынка, сегодня мы вышли на позитивные изменения по сравнению с прошлым годом. Сделка ОПЕК+ показала положительный результат. Цели, которые ставились, достигаются», - сообщил Александр Новак.

PLATTS - Novak also confirmed that Russia would like to lift production ceilings under the OPEC-led output cut deal in which Russia agreed to gradually cut 300,000 b/d. The deal, in place since January 2017, has 24 OPEC and non-OPEC countries jointly cutting a combined 1.8 million b/d.

PLATTS - "At end of the day as important as Russia and Saudi Arabia are in terms of the largest countries, we have to be sensitive to views of all countries and will be consulting with all of them," Falih told a key energy session at the St Petersburg International Economic Forum.

PLATTS - "With Saudi Arabia stressing the need for more capex to meet future oil demand and replace the natural decline from aging fields, and thus presumably a higher price to incentivize investment, supply cuts, in one form or another, may be extended to 2019," the note said.

PLATTS - China's state-run oil trader Unipec has purchased around 16 million barrels of US crude oil for loading in June, marking the biggest volume ever to be lifted in a month by the company, informed sources said

REUTERS - Brent crude futures LCOc1 were at $78.63 per barrel at 0534 GMT, down 16 cents from their last close, and more than 2.2 percent below the $80.50 multi-year high they reached on May 17. Brent broke through $80 for the first time in more than three years earlier in May. U.S. West Texas Intermediate (WTI) crude futures were at $70.60 a barrel, down 11 cents from their last settlement.

FT - "We will discuss the current situation, the outlook and possible further actions to be taken within the framework of our deal. Speaking of relaxing the deal: it is possible but should be based on a thorough analysis of the situation," Mr Novak told the Financial Times. "Generally speaking, we are quite flexible."

Российская Федерация, несмотря на все ограничения, которые сейчас вводятся, принимает меры по реагированию. Эти санкции способствовали даже более активному проведению реформ в России. Здесь и свободное курсообразование, и более жесткая бюджетная политика, целый ряд структурных реформ как метод реагирования на санкции.

REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.

FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.