Preliminary production figures for May 2023 show an average daily production of 1 991 000 barrels of oil, NGL and condensate.

U.S. commercial crude oil inventories decreased by 3.8 million barrels to 463.3 million barrels.

Brent dipped 17 cents, or 0.2%, to $75.50 a barrel, WTI dropped 16 cents, also 0.2%, to $70.46 a barrel.

Believe it or not, the concept of reserve power is a foreign one in Texas. The bill passed with a caveat: any increase in costs could not exceed $1 billion annually.

The city council in Austin, Texas is on the verge of signing on to the Fossil Fuel Non-Proliferation Treaty (FFNPT), a global campaign calling on countries to phase out fossil fuel production and help communities make the transition to a renewable energy economy.

U.S. commercial crude oil inventories increased by 7.9 million barrels to 467.1 million barrels.

Brent dropped 35 cents, or 0.5%, to $75.61 a barrel, WTI eased 35 cents, or 0.5%, to $70.94.

Adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January 2024 until 31 December 2024, which is to be distributed as per the attached table.

The Brent crude oil spot price will average $79 per barrel (b) in the second half of 2023 (2H23) and $84/b in 2024.

The kingdom’s energy minister Prince Abdulaziz bin Salman, Opec’s de facto leader, made the move as part of a deal in which several weaker African members will have quotas reduced from next year.

The Department of Energy (DOE) announced today that it will purchase up to 3 million barrels of oil for the Strategic Petroleum Reserve (SPR)

U.S. commercial crude oil inventories decreased by 0.5 million barrels to 459.2 million barrels.

The Worldwide Rig Count for May was 1,783, down 25 from the 1,808 counted in April 2023, and up 155, from the 1,628 counted in May 2022.

Brent rose 34 cents, or 0.46% to $74.62 a barrel, WTI rose 30 cents, or 0.43%, to $70.40.

Voluntary production cuts by some members of OPEC is due this coming month. Russia lifts levy on Oil & Gas firms amid G7 Price cap on Crude Oil.