The Worldwide Rig Count for March was 1,661, down 8 from the 1,669 counted in February 2022,and up 430 from the 1,231 counted in March 2021.

U.S. Rig Count is up 3 from last week to 673, Canada Rig Count is down 16 from last week to 124.

Brent slid by 79 cents to $103.92 a barrel, WTI were down $1.02 at $99.26 a barrel.

Reconfirm the baseline adjustment, 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 May 2022, as per the attached schedule.

The price of OPEC basket of thirteen crudes stood at $110.46 a barrel on Wednesday,

But there was no sign on Friday of an immediate interruption. Flows remained steady through two of the three main pipelines bringing Russian gas into Europe - Nord Stream 1 across the Baltic Sea, and into Slovakia over Ukraine.

Russian President Vladimir Putin signed an order March 31 prohibiting supply of Russian gas to countries that have imposed sanctions against Moscow if they refuse to pay for imports in rubles.

We imported from Russia just 0.419 million mt in the April-December period of the current fiscal year 2021-22 (April-March). That is just 0.2% of the total requirement.

Brent fell $4.87, or 4.3%, to $108.58 a barrel, WTI fell $5.90, or 5.5%, to $101.92 a barrel .

the price of OPEC basket of thirteen crudes stood at $110.46 a barrel

U.S. commercial crude oil inventories decreased by 3.4 million barrels from the previous week to 409.9 million barrels.

Brent were up $2.6, or 2.4% at $112.81, WTI rose $2.7, or 2.5%, to $106.84 a barrel.

Commenting on the Russia-Ukraine conflict, Saudi Arabia’s Prince Abdulaziz bin Salman said that OPEC puts political differences aside when its ministers meet and OPEC+ is doing the same.

Russian deputy prime minister Alexander Novak said March 23 that it was too early to talk about an adjustment to Russia's quota under the agreement, as Russia continues to supply the market.

In the global market, 70% of LNG is exported under long-term contracts. Therefore, the remaining 30% is sold to the country with the highest bid in the spot market.