Crude oil production from the major US onshore regions is forecast to increase 26,000 b/d month-over-month in June 2021 from 7,707 to 7,733 thousand barrels/day, gas production to decrease 53 million cubic feet/day from 83,624 to 83,571 million cubic feet/day .

In the first quarter of 2021 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,152 thousand boe per day, which is 4.2% higher quarter-on-quarter.

Brent fell 21 cents, or 0.3%, to $68.50 a barrel. WTI eased 9 cents, or 0.1%, to $65.28.

U.S. Rig Count is up 5 from last week to 453, Canada Rig Count is up 4 from last week to 59.

Brent was down $1.75, or 2.5%, at $67.57 a barrel. WTI was down $1.80, or 2.7%, to $64.28 a barrel.

For 2021, world oil demand is expected to increase by 6.0 mb/d, unchanged from last month’s estimate, to average 96.5 mb/d.

U.S. commercial crude oil inventories decreased by 0.4 million barrels from the previous week to 484.7 million barrels,

Brent climbed 18 cents, or 0.3% to $68.73 a barrel. WTI rose 20 cents, or 0.3%, to $65.48.

EIA forecasts that Brent prices will average $65/b in the second quarter of 2021, $61/b during the second half of 2021, and $61/b in 2022.

"Under the current OPEC+ production scenario, supplies won't rise fast enough to keep pace with the expected demand recovery," the IEA said. "The widening supply and demand gap paves the way for a further easing of OPEC+ supply cuts or even sharper stock draws."

Libya pumped 1.12 million b/d in April, a fall of 70,000 b/d from March.

U.S. Rig Count is up 8 from last week to 448, Canada Rig Count is up 4 from last week to 55,

Brent fwere up 1 cent at $68.12 a barrel. WTI eased by 2 cents to $64.69.

Russia, the largest non-OPEC partner in the alliance, has increasingly flouted its cap over the last several months, with its excess production soaring to 877,000 b/d.

Methane is significantly more polluting than carbon dioxide, with estimates suggesting it is 84 times more potent than CO2 over a 20-year timeframe.