Milder weather couples with an expected loss of exports.
Shipment comes as China returns to work and increases its demand for power.
Oil producers need to resume cooperation in an effort to stabilize the global market, Russian and OPEC officials said, as the industry reels from a demand and price collapse caused by the coronavirus pandemic and an emerging price war.
IEA's Fatih Birol said that, despite huge demand destruction, oil supply was nevertheless set to rise by another 3 million bbl/d as part of Saudi Arabia's market share battle with Russia.
The U.S. Department of Energy has withdrawn a solicitation to purchase oil for the Strategic Petroleum Reserve citing a lack of certainty around funding.
Unprecedented drop in global demand has traders looking forward to post-COVID-19 prices.
McCaul applauds efforts to convince Saudis and Russians to cut production.
Small and midsize oil producers are the focus of the initial purchases. Buyers with fewer than 5,000 employees are eligible to submit proposals.