The U.S. presidential election in November marks a potential turning point in U.S. policy toward all the big three producers—Russia, the U.S. and Saudi Arabia—with significant implications for the oil market.
OPEC and its allies, including Russia, have been cutting output since May by 9.7 million bbl/d, or 10% of global supply, after the virus destroyed a third of global demand.
OPEC expects to cover the lion's share of the massive projected oil demand spike in 2021 with demand for its crude rising by 6 million bbl/d to reach 29.8 million bbl/d.
An OPEC panel called the Joint Ministerial Monitoring Committee meets on July 15 to recommend the next level of oil production cuts.
On July 12, the U.S. Libya embassy said the resumption of the blockade came after "days of intense diplomatic activity" to let NOC resume output, and said it "regrets that foreign-backed efforts" had impeded this.
The pandemic is not under control and carries a downside risk for the market, agency says.
U.S. Energy Secretary Dan Brouillette had planned to visit the Big Hill Strategic Petroleum Reserve, or SPR, site in Texas on July 10.
Panelists discuss how oil and gas players are navigating current conditions as they await better days ahead.
Reduced global demand and an altered oil and gas industry business model to please investors shrink the projected increases in production.