Tag: oil market
The shipment of close to 600,000 barrels of West Texas Intermediate (WTI) Midland crude was loaded onto the Aframax tanker China Dawn.
Opec has been withholding supply since January but record US output and exports offset the group's cuts.
The fall of imports comes as Venezuelan oil shipments drop due to US sanctions against Maduro and the Saudis' attempt to curb exports.
Trump puts Saudi Arabia and Opec allies in a bind after fears of the US-China trade war and Venezuela sanctions had diminished.
Opec+'s production cuts have successfully removed oversupply and driven up oil prices.
Analyst says that global oil inventories are likely to be depleted soon because of falling Opec production.
American trade talks with China appear to be heading for a positive outcome while Saudi Arabia fixes a damaged power cable at the Safaniyah oil field.
Investors are now looking for clues on whether other members will support the proposal to pump more at a June 22 meeting in Vienna.