Saudi Arabia and the United Arab Emirates have reached a compromise over OPEC+ policy, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices

The International Energy Agency warned that world oil markets are likely to remain volatile following a breakdown in talks between OPEC members and their non-OPEC allies, creating a no-win situation

Saudi Arabia and Oman called for continued cooperation between OPEC and other allied producers to stabilise and balance the oil market, the Gulf states said in a joint statement

Goldman Sachs said the collapse of OPEC+’s oil output talks had introduced uncertainty into the prospects for output, but maintained its view that Brent crude would be around $80 a barrel this summer

Oil prices rose, driven higher after OPEC+ nations called off talks on output levels, meaning no deal to boost production has been agreed

A fire on the ocean surface west of Mexico’s Yucatan peninsula has been extinguished, state oil company Pemex said, blaming a gas leak from an underwater pipeline for sparking the blaze

OPEC+ is moving towards gradually adding about 2 million barrels per day (bpd) to the oil market from August to December, as the group eases back on output curbs amid a recovering global economy and an oil price rally

OPEC sees a strong rebound in oil demand in the second half of 2021 with oil inventories shrinking but the producer group also sees coronavirus variants posing a risk to the recovery

OPEC sees a strong rebound in oil demand in the second half of 2021 with oil inventories shrinking but the producer group also sees coronavirus variants posing a risk to the recovery

Russian oil production has declined so far in June from average levels in May despite a price rally in oil market and OPEC+ output cuts easing