Mohammad Sanusi Barkindo: an OPEC icon, a dear friend to many

The sanctions freeze assets of companies based in Iran, Vietnam, Singapore, the UAE and Hong Kong.

The European Commission has approved a €5bn French scheme to support energy-intensive companies that have been particularly hit by the recent increase in energy prices.

Brent rose as much as $3.08, or 2.9%, to $105.85 a barrel, WTI climbed to a session high of $102.14 a barrel.

China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, almost double the amount a year earlier, latest customs data show. Meanwhile, India shelled out $5.1 billion in the same period, more than five times the value of a year ago.

Brent fell by 60 cents, or 0.5%, to $112.89 a barrel, WTI climbed $1.13, or 1.1%, to $109.58 a barrel.

Many of our companies, including energy companies, are operating in Indonesia. There is interest in developing the national nuclear power industry.

Last week we saw major volatility on the Oil tabs especially on the Bearish alignment,as the rangebound zones maintained within the Crude Oil WTI

The Worldwide Rig Count for May was 1,706, up 78 from the 1,628 counted in May 2022,and up 381 from the 1,325 counted in May 2021.

U.S. Rig Count is down 3 from last week to 750, Canada Rig Count is up 12 from last week to 166.

Brent fell 33 cents, or 0.3%, to $111.30 a barrel, WTI slipped 40 cents, or 0.4%, to $108.03.

The price of OPEC basket of thirteen crudes stood at $113.20 a barrel

Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th and 29th OPEC and non-OPEC Ministerial Meetings and the decision to adjust upward the monthly overall production for the month of August 2022 by 0.648 mb/d.

Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.

Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.