U.S. crude oil exports averaged 501,000 bpd in the first five months of 2016, 43,000 bpd (9%) more than the full-year 2015 daily average. U.S. exports of crude oil had already increased significantly before the lifting of crude oil export restrictions. These exports were mostly to Canada, which was excluded from the previous restrictions. Source: WorldOil/EIA
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Iraq backed a proposal from Saudi Arabia and Russia to extend output cuts for nine months, removing one of the last remaining obstacles to an agreement at the OPEC meeting in Vienna this week. Source Bloomberg
Russia is in talks with European countries to determine the entry point of the second line of the Turkish Stream gas pipeline flow, Russian Prime Minister Dmitry Medvedev told journalists. Source Tass
Marine Le Pen is to ditch plans to pull France out of the European Union and to stop using the euro and restore the franc. There will be no Frexit,” Bernard Monot said in an interview with a British newspaper, explaining that the Front National (FN) leader had realised that this was not what the French people want. Source The Local