Chancellor Olaf Scholz’s three-party alliance agreed at the end of March to cut the levy on fuel for three months from June 1 by 30 euro cents per liter for gasoline and 14 cents for diesel, costing the government about 3 billion euros ($3.1 billion) in lost revenue.

Libya is pumping only about 100,000 barrels a day.

U.S. Rig Count is up 6 from last week to 733, Canada Rig Count is up 24 from last week to 141.

Brent was up 40 cents, or 0.3%, at $123.47 a barrel, WTI rose 30 cents, or 0.3%, to $121.81 a barrel.

The price of OPEC basket of thirteen crudes stood at $123.21 a barrel on Thursday,

The Brent price will average $108/b in the second half of 2022 (2H22) and then fall to $97/b in 2023.

U.S. commercial crude oil inventories increased by 2.0 million barrels to 416.8 million barrels.

Brent were up 28 cents, or 0.2%, at $119.79 barrel, WTI were up 31 cents, or 0.3%, at $118.81 a barrel.

Brent firmed 32 cents, or 0.3%, to $120.04 a barrel, WTI were up 40 cents, or 0.3%, at $119.27 a barrel.

The Worldwide Rig Count for May was 1,628, up 25 from the 1,603 counted in April 2022,and up 366 from the 1,262 counted in May 2021.

U.S. Rig Count is is down 0 from last week to 727, Canada Rig Count is up 14 from last week to 117.

Brent fell 85 cents, or 0.7%, to $116.76 a barrel, WTI slipped 88 cents, or 0.8%, to $115.99.

The price of OPEC basket of thirteen crudes stood at $114.62 a barrel on Thursday,

Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule.

"The EU's decisions to partially phase out Russian oil and oil products, as well as to ban the insurance of Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," the Russian Foreign Ministry said in a statement.