The new oil price structure marks a turnaround from earlier when the coronavirus outbreak had pushed oil prices into the opposite structure, when prompt prices fell below forward prices, known as contango.
US claims that the oil-for-food deal didn’t deliver food for the Venezuelan people.
OPEC and allies, known as OPEC+, have been cutting output since May by a record 9.7 million bbl/d—or 10% of global supply—after oil demand plunged by up to a third.
Analysts said it made sense for Chevron to sell its North West Shelf LNG stake now, after it failed to seal a deal to supply gas to the plant from its undeveloped Clio and Acme fields.
The bank raised its forecast for Brent to $40 per barrel by the end of September, from $32, and to $45 per barrel by the end of December, from $43.
Crude oil stockpiles in the U.S. rise to record high as imports from Saudi Arabia remain elevated.
This week’s meetings are part of an OPEC+ effort to review the impact of a record supply that started May 1 cut and hear from countries yet to deliver their share in full, such as Iraq.
BP CEO expresses concerns about the impact of COVID-19 in a ‘pivotal moment’ for the world.