Sanctions violate international law, 24 members say.
U.S. petroleum inventories show clear signs of trending lower as consumption slowly recovers from the epidemic and lockdowns, while Saudi Arabia restricts production and directs volumes away from North America.
The slump is putting intense stress on the entire supply chain, the ecosystem of large and small contractors, skilled and semi-skilled labor that underpins oil and gas production.
India's top gas importer, Petronet LNG, renewed a deal to give the parties more time to finalize an investment in Tellurian's Driftwood export project in Louisiana.
The July figures imply Iraq is still some way from fulfilling its OPEC+ pledges and is exporting far more than a July loading program indicated.
U.S. Energy Secretary Dan Brouillette said the deal with India could mirror a recent plan with Australia, which in April committed to spending about $60 million to build an emergency oil stockpile.
The U.S. presidential election in November marks a potential turning point in U.S. policy toward all the big three producers—Russia, the U.S. and Saudi Arabia—with significant implications for the oil market.
OPEC and its allies, including Russia, have been cutting output since May by 9.7 million bbl/d, or 10% of global supply, after the virus destroyed a third of global demand.