Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month.
Russian is fulfilling its oil output cut obligations, Russian Deputy Prime Minister Alexander Novak told Rossiya-24 TV channel following a meeting of the OPEC+ group of leading oil producers.
Saudi Arabia has crafted a complex OPEC+ deal with a view to punishing investors that have bet on falling oil prices but could inadvertently lend long-term support to the rival U.S. energy industry, OPEC+ insiders and market watchers said.
Kazakhstan cut its oil production (excluding gas condensate) by 3% on a daily basis in May compared to April to 1.55 million barrels per day, Reuters calculations based on data from two sources familiar with preliminary data showed.
Oil prices rose about 2% after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fed hopes for a possible pause in interest rate hikes ahead of a meeting of OPEC and its allies this weekend.
Russia's Lukoil has increased oil production at Iraq's southern West Qurna 2 oilfield by 80,000 barrels per day bpd to a total of 480,000 bpd.
OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting despite a fall in oil prices toward $70 per barrel.
Oil steadied as a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill were offset by a report of rising inventories in the world's biggest oil consumer.
Mexico's president took office in late 2018 pledging to boost local output of gasoline while phasing out imports, but so far state refineries have instead set a different course: bumper production of highly contaminating fuel oil.
An Indian agency has stepped in to provide safety certification for most of Gatik Ship Management's fleet, a major carrier of Russian oil to India, after Lloyd's Register and the American Bureau of Shipping withdrew classification for many of its vessels, records show.