Under the JCPOA between Iran the P5+1 group of countries (the USA, UK, France, Russia, and China plus Germany) Iran agreed to limit its nuclear development in return for the lifting of sanctions.

South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.

In 2020, the EU sourced 19% of its gas imports from Norway, compared to 39% from Russia.

The EU’s gas supply situation could worsen if Russia halts gas flows to the region in the coming weeks, Energy Commissioner Kadri Simson said Monday.

The European Commission will next month present a plan for EU countries to coordinate their preparations for further gas shocks, as Russia has already cut or reduced supplies to 12 of the bloc's 27 member states.

Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.

The price of OPEC basket of thirteen crudes stood at $112.35 a barrel

В Индонезии работают многие наши компании, энергетические в том числе. Проявляется интерес к развитию национальной атомной энергетики.

Участники соглашения сохранили в силе достигнутые ранее договорённости о повышении производства нефти в августе на уровне 648 тыс. баррелей в сутки.

"A nuclear power generation project requires more than a decade for construction and involves operations for more than 60 years. South Korea is a reliable partner in terms of economic feasibility, safety, and ensuring the construction period," Lee said.

Russia has reduced shipments through its biggest Nord Stream pipeline by 60% and the link is scheduled for a full shutdown next week for maintenance.

“Such a collapse would have massive consequences for the entire economy and jobs in Germany.”

German leaders are stepping up warnings of impending turmoil and natural-gas shortages in Europe’s biggest economy, which relies on Russia for about one-third of its energy.

Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.

The price of OPEC basket of thirteen crudes stood at $113.20 a barrel

Brent fell 33 cents, or 0.3%, to $111.30 a barrel, WTI slipped 40 cents, or 0.4%, to $108.03.

U.S. Rig Count is down 3 from last week to 750, Canada Rig Count is up 12 from last week to 166.

The Worldwide Rig Count for May was 1,706, up 78 from the 1,628 counted in May 2022,and up 381 from the 1,325 counted in May 2021.

Revolutions are messy things. Once underway, they get a life of their own. There is confusion and mistakes are made at the barricades. But once underway, they can’t be turned back; yesterday can’t be summoned rule tomorrow.

Last week we saw major volatility on the Oil tabs especially on the Bearish alignment,as the rangebound zones maintained within the Crude Oil WTI