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Inventories of U.S. crude oil soared last week with oil production setting a new record high, the U.S. EIA reported on Wednesday. During the week to April 26, commercial inventories of crude oil in the U.S. jumped by 9.9 mil bbls to 470.6 mil bbls.U.S. oil production increased by 100,000 bpd to a new weekly record-high of 12.3 mil bpd.

In OPEC producer Venezuela, a large number of citizens heeded opposition leader Juan Guaido's call to take to the streets on Wednesday in a bid to force President Nicolas Maduro from power, but there was little concrete sign that the stalemate will change.

OPEC, Russia and other oil producers will be aiming to extend their agreement to curb oil output when they next meet in June, according to Oman's energy minister Mohammed bin Hamad al-Rumhy. "The goal is to renew the agreement made by the 31 countries … The most important thing for me is that we continue with the deal signed last year," al-Rumhy said on Wednesday.

Iran's oil minister hit out on Wednesday against the use of sanctions "as a weapon" by the U.S. and the damage it is doing to OPEC. "Those who use oil as a weapon against two founding members of OPEC are disturbing the unity of OPEC and creating the death and collapse of OPEC and the responsibility for that is with them," Iranian Oil Minister Bijan Zanganeh said at a conference. Iran is examining new ways to sell its oil, Zanganeh was reported by the Islamic Republic News Agency (IRNA) as saying. Ahmad Mohammadi, the head of the National Iranian South Oil Company (NISOC) also said on Wednesday that Iran’s oil industry is standing up to the pressure from U.S. sanctions.