The Brent futures flat price for the Jun contract steadily slipped from above the $89/bbl mark in the morning to a low of $87.96/bbl at 15:35 BST, before recovering its losses and reaching $88.87/bbl at 16:35 BST. Rosneft and Indian Oil Crop are yet to renew an oil supply deal that expired in March, with the Indian refiner turning its attention to the spot markets. OPEC produced 27mbbls of crude a day in March, almost unchanged from the previous month. Saudi Arabia and Kuwait followed protocol, yet, Iraq, UAE and Gabon pumped way above their agreed quotas. Despite stricter enforcement of the US sanctions against Russian oil exports, some tankers loaded with Russian Sokol crude grade are near India and signalling the nations ports as their destination. According to the Panama Canal Authority, the water deficit is so severe that it will take months of precipitation to fully recover, although La Niña is expected to provide a great amount of rain in the coming weeks. The front and six-month Brent futures spreads are at $1.02/bbl and $5.29/bbl, respectively.
