In this week’s key data for the oil and gas industry, we continue to see a decline in U.S. crude inventories and gasoline stocks while U.S. production keeps on following its downward trend. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) Friday, June 3, 2016 The OPEC meeting in Vienna ended with no agreement on production targets, despite some rumors ahead of time that Saudi Arabia had floated a reinstatement of those limits. Iran still has no use for OPEC’s coordinated action, and Iran’s oil minister says that it still has some lost ground to regain. Iran won’t consider any possibility of limiting its production until it reaches 4 million barrels per day (mb/d) of production; its output currently stands at about 3.8 mb/d. As a result, OPEC couldn’t agree on anything, but such an outcome was largely expected by oil analysts. Still, prices plunged […]