The price of OPEC basket of thirteen crudes stood at $113.54 a barrel

Although there are still some Russian crude supplies tied to quarterly and half-yearly term contracts, South Korea will eventually halt Russian oil purchases

Preliminary production figures for May 2022 show an average daily production of 1 831 000 barrels of oil, NGL and condensate.

Brent rose 42 cents, or 0.4%, to $113.54 a barrel, WTI was at $109.85 a barrel, up 29 cents, or 0.3%.

The price of OPEC basket of thirteen crudes stood at $118.97 a barrel

Non-sanctioning countries including India and China have significantly increased imports of Russian oil since the invasion began Feb. 24, taking advantage of major price discounts.

Crude imports rose 55% from a year ago to 8.42 million tons, with Russia overtaking Saudi Arabia as China’s main source of oil, according to customs data released on Monday.

Just when it didn’t seem things couldn’t get worse — gasoline at $5 to $8 a gallon, supply shortages in everything from baby formula to new cars — comes the devastating news that many of us will endure electricity blackouts this summer.

U.S. Rig Count is up 7 from last week to 740, Canada Rig Count is up 15 from last week to 156.

Brent was up $1.13, or 0.9%, to $120.94 a barrel, WTI gained $1.03, or 0.9%, to $118.62.

The price of OPEC basket of thirteen crudes stood at $119.24 a barrel

Prince Abdulaziz bin Salman met Deputy Prime Minister Alexander Novak on Thursday at the St. Petersburg International Economic Forum, a flagship conference that almost all Western officials and business executives are avoiding this year following Russia’s invasion of Ukraine.

Brent were down 45 cents, or 0.4%, to $118.06 a barrel , WTI fell 44 cents to $114.87, also off 0.4%.

"We see that we have a fairly significant increase in June compared to May, up around 600,000 b/d," Novak said on the sidelines of the St Petersburg International Economic Forum,

Compared to pre-war levels in January and February, Russia's shipped crude exports from June 1-15 rose by 576,000 b/d to average about 3.88 million b/d,