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ICE Brent prompt prices hiked to 70.3 $/b at the prompt, ahead of the OPEC meeting, as OPEC compliance in April remained good, at 122%, according to production surveys realized by third parties. Saudi Arabia and Iraq showed the biggest increases, while Iran and Nigeria experienced setbacks on their production facilities. Russian crude and condensate production remained constant in May, at 10.45 mb/d. In Asia, lockdowns are intensifying, hinting at lower demand in Asia for the weeks to come.
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