Overview
- Brent and WTI benchmarks climbed over 1% as a U.S. trade court ruling halted President Trump’s tariffs and eased economic growth concerns.
- OPEC+ left its overall output quotas unchanged at its latest meeting and tasked its secretariat with devising 2027 production reference levels.
- An eight-member subset of OPEC+, led by Saudi Arabia and Russia, is poised to approve a 411,000 barrels-per-day output hike for July when they convene on Saturday.
- U.S. authorities barred Chevron from exporting Venezuelan crude under a revised license, prompting the company to terminate its production and service contracts in Venezuela.
- Analysts at Rystad Energy expect liquids demand to outpace supply by 0.6–0.7 million barrels per day from May through August, supporting further price gains.