Brent climbed above $40 for the first time in 3 months on hopes of extended production cuts
The world’s biggest oil producers are expected to meet as early as Thursday, according to Reuters which cited sources as saying OPEC+ members may bring forward a meeting originally scheduled for June 9-10. While Russia and other members are eyeing one-month extensions to production cuts, Saudi Arabia is reportedly in favor of as long as three months more cuts.
Oil Erases Gains With OPEC+ Meeting in Doubt Over Quota-Cheating
The producer group won’t hold an early meeting on June 4, and a scheduled gathering next week was also threatened, unless all nations first agree to cut output by as much as they promised, according to people familiar with the negotiations. The alliance had been expected to prolong their record cutbacks instead of easing them next month.
China drives global oil demand recovery out of coronavirus collapse
China’s oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns.
Treasury slaps fresh sanctions on entities supporting Venezuela’s oil sector and Maduro regime
The Department of Treasury slapped fresh sanctions on four companies operating in Venezuela’s oil sector, a frequent target of the Trump administration for its financial support to President Nicolas Maduro’s regime.