In Houston, Lina Hidalgo, senior official for the county that includes the city at the heart of the U.S. oil industry, said "we may be approaching the precipice of a disaster."
Saudi Energy Minister Prince Abdulaziz bin Salman said that this would not continue in July, when Saudi Arabia will pump its OPEC quota, amid signs of demand recovery.
Following the deal, oil prices will continue rallying throughout the month of June, averaging at around $43/bbl for Brent and $30/bbl for WTI, analyst says.
A Chevron Corp. crude oil cargo has become embroiled in U.S. sanctions on shipping companies for violating restrictions on doing business with Venezuela, the company confirmed.
U.S. senators revealed a bill on June 4 expanding sanctions on Russia’s Nord Stream 2 natural gas pipeline and targeting the project Washington says will boost Moscow’s economic and political influence in Germany and other European countries.
Whether and how fossil fuel demand may rebound after the pandemic is hotly contested, with many projections assuming that demand for oil, in particular, could steadily return as lockdowns lift.
Venezuela's oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports, according to data and internal shipping documents.
Leaders talked about OPEC+ actions on production cuts.