REUTERS - Saudi Arabia and Russia, architects of the deal among producers to cut output by about 1.8 million barrels per day (bpd) from January 2017, have now indicated they want output to increase.

REUTERS - India’s oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.

REUTERS - Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand.

REUTERS - OPEC and U.S. representatives have met at least twice this year, with a third high-profile meeting set for Vienna next week. Finding the optimal balance of crude supply and demand will be the hot topic.

BLOOMBERG - The nation boosted crude supply to the highest in 14 months in the first week of June as some companies breached their caps, said a person with knowledge of the matter. While both the Kremlin and oil bosses remain publicly committed to the accord, production of 11.09 million barrels a day exceeds the 10.95 million limit agreed with OPEC, the official said.

BLOOMBERG - Saudi Arabia, which along with Russia is trying to garner support for lifting output limits, told the Organization of Petroleum Exporting Countries that its daily production rose 162,000 barrels a day to 10.030 million in May compared with the previous month, a person with knowledge of the data said, asking not to be identified because the information isn’t public.

PLATTS - China and Iran have agreed to strengthen strategic cooperation during Iranian President Hassan Rouhani's visit to China, possibly paving the way for steady crude flows between the two countries.

PLATTS - "There is no LNG supply glut," Sada said. "There may be a surplus of only 10 million mt/year of LNG in the early 2020s [but] in a 350 million mt/year LNG market, this means that the market is practically in balance," he said.

BLOOMBERG - Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter.

REUTERS - “We have to look into the situation which has panned out on the market today, from the point of view of the volume cuts, inventories decline, shortages on the market, and to adjust the figures,” Novak told reporters.

BLOOMBERG - By most metrics, the embargo that closed Qatar off from major air, sea, and land links has failed. The country’s imports and exports are up, according to the International Monetary Fund. Qatar, the world’s richest country per capita thanks to massive reserves of natural gas, is on track to post a budget surplus in 2018. Its economy is growing faster than most of its peers.

BLOOMBERG - Abu Dhabi plans to spend $13.6 billion over three years and allow freezone-based companies to take part in government tenders as the oil-rich emirate seeks to stimulate the economy.

REUTERS - Eni has no material exposure to Iran and so will not be affected by sanctions announced by the U.S. administration, a spokesman for the Italian oil major said

SAIPEM - Saipem has been awarded a Pipeline Project in the E&C Offshore sector in the Middle East worth approximately 1.3 billion USD.

SHANA - The country exported 2.4 mbd of crude oil and 300,000 b/d of gas condensate, ultra light crude oil, during May.