Russia supplied about 40% of the European Union’s gas demand last year, and about a third of that transited Ukraine, making it a linchpin in the continent’s energy security.

There have been ongoing talks on the Russian Oil ban by the EU with more developments as the week progresses.

The Worldwide Rig Count for April was 1,603, down 58 from the 1,661 counted in March 2022,and up 414 from the 1,189 counted in April 2021.

U.S. Rig Count is up 7 from last week to 705 , Canada Rig Count is down 4 from last week to 91.

Brent rose 88 cents, or 0.8%, to $111.78 a barrel, WTI climbed 84 cents, or 0.8%, to $109.10 a barrel.

Участники соглашения сохранили в силе достигнутые ранее договорённости о дальнейшем наращивании производства нефти в июне на уровне 432 тыс. баррелей в сутки.

Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of June 2022, as per the attached schedule.

Средняя цена на нефть марки Urals в январе-апреле 2022 года сложилась в размере $84,68 за баррель, в январе-апреле 2021 года - $60,47 за баррель.

Brent was up 36 cents, or 0.3%, at $110.50 a barrel, WTI rose 4 cents, or less than 0.1%, to $107.85.

The price of OPEC basket of thirteen crudes stood at $110.83 a barrel on Wednesday,

Five OPEC+ delegates said the group was set to agree to increase its June output target by 432,000 barrels per day, in line with its existing plan to unwind output curbs made during the worst of the COVID-19 pandemic in 2020.

U.S. commercial crude oil inventories increased by 1.3 million barrels to 415.7 million barrels.

Brent rose $2.94, or 2.8%, to $107.91 a barrel, WTI rose $3.02, or 3%, to $105.43 a barrel.

The price of OPEC basket of thirteen crudes stood at $109.80 a barrel on Tuesday

Urals has been trading at record-lows in recent weeks, with some deals being done at discount of almost $40/b to the Platts Dated Brent crude oil benchmark.