US crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said, as a sharp outbreak in coronavirus cases hit US consumption

US crude oil stockpiles rose last week even as refineries hiked output, while gasoline inventories decreased and distillate inventories rose, the Energy Information Administration said

Saudi Arabia has been heading efforts to press laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions and compensate for May overproduction in July-September

OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies

Bank of America (BofA) Global Research has lifted its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure

Iraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, as it aims to improve its compliance with its output cut targets under the global deal with OPEC+

The plan to shut wells at the onshore portions of the Lagunillas and Bachaquero fields near Lake Maracaibo is due to a lack of available storage space as inventories mount due to a drop in exports

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts from July to September

Russian oil production, excluding gas condensate, fell to 8.59 million barrels per day in May, near country’s target under an OPEC+ pact, the energy ministry said

The Russian Energy Ministry stated supply has already dropped by 14 million to 15 million barrels per day thanks to the OPEC+ deal and output cuts in other countries. Moreover, the surplus stands at around 7-12 million bpd