The CEO of the National Iranian Oil Company (NIOC) announced the prospect of a daily production capacity of 4 million barrels of crude oil in the calendar year of 1401 which began on March 21.

U.S. Rig Count is up 7 from last week to 670, Canada Rig Count is down 36 from last week to 140.

Brent fell 46 cents, or 0.4%, to $118.57 a barrel, WTI ell 47 cents, or 0.4%, to $111.87 a barrel.

OPEC has told the EU that global energy markets would be destabilized if European countries follow through with a threat to ban imports of Russian oil,

In a circular carried by state-run Saudi Press Agency, the cabinet stressed "the importance of the essential role of the OPEC+ agreement in the balance and stability of oil markets."

U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week to 413.4 million barrels.

Brent were down 15 cents, or 0.12%, at $121.45 a barrel, WTI fell 75 cents, or 0.65%, to $114.18 a barrel.

The price of OPEC basket of thirteen crudes stood at $116.94 a barrel on Wednesday,

Speaking to the Bundestag parliament, Scholz said German will continue to look to reduce its dependency on Russian oil and gas but warned "hasty" action could trigger a recession.

By 2025, carbon-free energy sources should account for 20% of the energy mix and 39% of the power mix.

Brent were up 95 cents, or 0.82%, to $116.43 a barrel, WTI rose 73 cents, or 0.67%, to $110 a barrel.

Russia is one of the three largest crude oil producers in the world, after the United States and Saudi Arabia. European countries—which have not banned Russian energy imports—generally import more of Russia’s crude oil and petroleum products than the United States.

Russian Urals cargoes basis CIF Rotterdam were assessed at a new record low of Dated Brent minus $30.99/b and for CIF Augusta at Dated Brent minus $30.69/b March 23.

Brent fell $1.92, or 1.7%, to $113.70 a barrel, WTI slipped $2.82, or 2.5%, to $109.3.

"If oil is sold at a discount, then [consumers] will be happy to buy it. We will earn less, but we will be able to place oil," Novak said.