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.
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.