- The US EIA reported on Wednesday an increase in Oil stocks of 7.265 million barrels. This surprise and large buildup was against market expectations of a 2.3 million decline and followed a 6.37 million decrease a week ago.
- India is filling up its gap of Venezuelan oil with Iraqi Ooil after US sanctions forbid India from importing, Bloomberg reports.
- Citi’s commodity analyst Eric Lee said on Wednesday in a note that OPEC is expected to maintain its supply curbs for the second half of this year.
- Shell’s CFO, Sinead Gorman said on a conference call that the second half of this year will be tight in terms of supply, with OPEC policy being key.
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