Brent rose 77 cents, or 1.94%, at $40.49 a barrel, WTI gained 61 cents, or 1.64%, to $37.73 a barrel.

Spending is also expected to be largely flat in 2021, landing only marginally higher than 2020 at $386 billion. Before the Covid-19 pandemic, expected total upstream investment would maintain last year’s levels, both in 2020 and 2021.

Crude oil production from the major US onshore regions is forecast to decrease 93,000 b/d month-over-month in June from 7,725 to 7,632 thousand barrels/day, gas production to decrease 693 million cubic feet/day from 81,254 to 80,561 million cubic feet/day .

South African Nuclear Power Programme may comprise a blend of baseload power combining both conventional PWR and SMR technologies to a total of 2500 MW

Aramco had been looking to restructure the deal after SABIC’s market value fell more than 40% due to an oil price slump.

BP actions will lead to non-cash impairment charges and write-offs in the second quarter, estimated to be in an aggregate range of $13 billion to $17.5 billion post-tax.

The government of South Africa has approved the merger of three oil and gas subsidiaries of the state-owned Central Energy Fund (CEF) into a National Oil Company.

Brent was down 15 cents, or 0.4%, at $38.58 a barrel, WTI was down 49 cents, or 1.3%, at $35.77.

Российской Федерации потребуется ускоренный переход (модернизационный рывок) к более эффективной, гибкой и устойчивой энергетике,

Crude oil throughput at China's domestic refineries further recovered to 13.69 million b/d

Iraq pumped 4.213 million b/d of crude oil in May, above its OPEC+ quota of 3.592 million b/d and exported 3.63 million b/d, oil marketer SOMO said on June 7.

“[Fossil] energy loans at the country’s six largest lenders jumped 23% to C$71.6 billion in their fiscal second quarter from the prior period,” Bloomberg reports, citing the banks’ financial disclosures. “Toronto-Dominion Bank had the largest increase at 29%, while Bank of Nova Scotia remained the biggest lender, with $21.6 billion in loans.”

U.S. Rig Count is down 5 rigs from last week to 279, Canada Rig Count is unchanged from last week at 21

Brent fell 3.4%, or $1.42, to $40.31 a barrel, WTI dropped 4%, or $1.60, to $38 a barrel,

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.7 million barrels from the previous week. At 538.1 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year.