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Energy firms added oil rigs in the U.S. last week for a 3rd consecutive week, according to energy services company Baker Hughes. During the week to June 8, one oil rig was added to raise the total oil rig count to 862 – the highest level since March 2015.
Russia's oil production during the 1st week of June rose to 11.1 mil bpd, far exceeding its output limits under the country’s deal with OPEC, the Interfax news agency reported on Saturday. Interfax said that Russian oil production averaged 1.513 mil tonnes per day during the 1st week of June and never fell below 1.511 mil tonnes.
China's imports of crude oil in May eased off from previous record-highs levels as state-run refineries began planned maintenance and some independent refineries were told to curb operations. Data released on Friday by the country’s General Administration of Customs showed that May imports stood at 39.05 mil tonnes, or 9.2 mil bpd.
Iran on Friday criticised a U.S. request that Saudi Arabia pump more oil to cover a drop in Iranian exports, and added that OPEC will not heed the U.S. appeal. Iran’s OPEC governor, Hossein Kazempour Ardebili, was responding to news reports that the U.S. government had unofficially asked Saudi Arabia and some other OPEC producers to raise output.
OPEC is likely to reject an Iranian request to discuss U.S. sanctions against Iran during this month’s meeting of the producer group, Reuters reported on Friday citing a source familiar with the matter. Iran’s OPEC governor Hossein Kazempour Ardebili has asked the chairman of the OPEC meeting to include a debate on the U.S. sanctions in the agenda for the June 22 talks.
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