According to state n crude oil production crude oil production ews agency,

• Iraq oil production will increase to 4.58 million barrels per day as of July following the OPEC+ decision

Oil production is currently at 4.44 million barrels per day

• Crude oil draw of -5.068M vs. -1.35M estimate. Private API showed a draw of -1.2 million
• Gasoline draw of -0.711M vs 0.533M estimate
• distillates draw of -0.530M vs. estimate of 0.990M
• Cushing build of 0.256M vs -1.061M last week

• reports that OPEC is exploring the idea of exempting Russia from its oil-production deal. This could lead to other member such as Saudi Arabia and UAE pumping more crude oil.
• The oil producing alliance is due to meet on Thursday to discuss its production agreement that has stabilised oil markets over the past couple of years.
• But the fact remains that most OPEC producers are struggling to raise output. Despite record high prices, many producers have been unable to invest in new fields or even maintain maintenance. Case in point is Libya, which is facing further disruption to output as its Sarir-Hariga pipeline suffers leaks, leading to losses of more than 300kb/d.

Reuters citing an OPEC statement they have seen:

• OPEC told the International Monetary Fund’s steering committee on Thursday that the surge in oil prices was largely due to the Ukraine crisis

The Reuters report adds the key implication:

• in the latest signal that the producer group would not take further action to add supply

The Saudis are in bed with Russia, both are ecstatic with surging oil prices.