Saudi Arabia's crude oil production grew to 10.538 million bpd in May, rising 0.9 % from 10.441 million bpd in April.

US President Joe Biden's recent visit to the Kingdom concluded without any announcement about the Kingdom's intention to increase its production to help reduce fuel prices.

Saudi Foreign Minister Prince Faisal bin Farhan announced that he does not see a shortage of oil in the market but rather a shortage of refining capacity, which makes it necessary to increase investment in processing crude oil into various oil products.

The data also showed a slight increase in oil exports to 1.527 million bpd, while the production of local refineries rose 0.211 million bpd to 2.749 million bpd in May.

Monthly export figures are provided by Saudi Arabia and other OPEC members to the Joint Organizations Data Initiative (JODI).

In case Russia was to stop supplying gas to Europe, the economies of the Czech Republic, Hungary, Slovakia, and Italy could contract by more than five percent, the IMF added.

Russia's Gazprom told customers in Europe it cannot guarantee gas supplies because of "extraordinary" circumstances, according to the letter seen by Reuters.

Oil prices rose more than $5 on 20th July, boosted by dollar weakness and expectations that the US Federal Reserve won't raise interest rates by an entire percentage point at its next meeting to combat inflation.

Meanwhile, data on maritime transport showed a decline in Russian oil exports to China and India by 30 % from their highest levels in the wake of the Russian invasion of Ukraine in late February.

Flows to Asia, led by China, accounted for about half of Russia's total crude flows.

Russia's seaborne crude flows to Asia accounted for 55 and 56 % of total oil exports during the past 6 weeks.

Bloomberg Agency indicated that these figures include the volumes on tankers heading from Baltic and Black Sea ports to the Suez Canal, bound for Asian countries.