Extra crude production cuts announced by Saudi Arabia and Russia have removed some downside risk and stemmed the erosion of the spot prices and calendar spreads evident since early in the second quarter.
Mexico's state oil company Petroleos Mexicanos will see its crude output reduced by some 100,000 barrels per day (bpd) until the beginning of August after a massive fire on Friday at an offshore platform, a top company source said.
A Russian oil firm is asking Venezuela's state-run company PDVSA for permission to take control of exports from their joint ventures to revive cash flow from the five companies, which have been hard-hit by U.S. sanctions, two people involved in the talks said.
Oilfield activity slowed further this quarter, according to the latest survey of energy executives by the Federal Reserve Bank of Dallas, with declines in oil production and gas output indices.
Muted increases in U.S. oil production and cuts by the OPEC+ producing-nations group will limit crude supply in the months ahead, pushing up prices, an executive at U.S. shale producer EOG Resources said on Wednesday.