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.
If the increase is a one-off, it won’t affect a market that is quickly rebalancing.
Online OPEC+ conference will discuss production reduction in mid-June.
The first shipment of U.S. crude oil is heading to Belarus this week, fulfilling a commitment made in February, U.S. Secretary of State Mike Pompeo said.
Dr. Yousef Alshammari, CEO and head of Oil Research at CMarkits, doesn't expect OPEC to scale back or deepen cuts at the group’s June meeting.
In late April, the Energy Department said nine companies including Chevron and Exxon Mobil had agreed to rent space to store 23 million barrels of crude.
Fresh off the end to proration discussions in Texas, CEO Matt Gallagher shares how Parsley Energy is responding to demand loss plus the Permian shale producer’s focus on technology and ESG.
Kingdom says it will reduce output by another 1 MMbbl/d in June.
"The two leaders agreed on the importance of stability in global energy markets, and reaffirmed the strong United States-Saudi defense partnership," a White House spokesman said.