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Saudi Arabia told OPEC that it produced 10.488 mil bpd of crude oil in June, which represented an increase of 458,000 bpd from its May output level. Saudi Arabia's total supply to the market in June was even higher than well-head production, implying that the kingdom sold crude out from storage.

Energy companies added oil rigs in the U.S. last week for the first time in 3 weeks, but the rate of growth has slowed over the past month or so. Energy services firm Baker Hughes said that during the week to July 6, 5 oil rigs were added to take the total U.S. oil rig count to 863.

South Korea will not lift any crude and condensate from Iran in July for the first time in 6 years, amidst U.S. pressure to cut all imports of Iranian oil, Reuters reported on Friday citing 3 sources familiar with the matter. The move by South Korea, which alongside China and Japan is one of Iran's main customers in Asia, comes amidst talks to seek an exemption from U.S. sanctions on Iranian oil. 

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