OPEC+ sources said there were no talks on amending oil output-cut levels for July, while two more said the producers should stick to their existing series of gradual output increases.
For producers, the calculation is that even if demand for oil and gas falls, they will still be able to sell their precious commodities for years to come and be the “last man standing.”
The natural gas pipeline is almost complete, president says as he prepares for talks with Russian President Putin.
The research division at OPEC, whose 13 members sit on 80% of the world’s crude oil reserves, produced an internal briefing document on the IEA’s report, a copy of which was seen by Reuters.
The decision to waive sanctions on the company behind Russia’s Nord Stream 2 gas pipeline and its CEO came as the Biden administration seeks to rebuild ties with Germany.
A report that the administration would waive sanctions against Nord Stream 2 contrasts with Biden’s opposition to the natural gas pipeline project.
Michigan set a May 12 deadline for Enbridge to shut down the crude oil pipeline.
Biden says evidence points to ransomware that originated in Russia.
Top oil exporter Saudi Arabia has cut the June official selling prices (OSPs) of all crude grades it sells to Asia, sources say.