The July Brent futures flat price softened over the morning, from around $81.40/bbl at 0730 BST to $80.70/bbl at 1115 BST (time of writing). OPEC+ postponed its output policy meeting to June 2, shifting from the original June 1 date in Vienna. The meeting, now to be held virtually, follows Russia’s statement of exceeding production quotas in April due to technical issues. The Russian Energy Ministry stated that it adhered to OPEC+ quotas in Q1 2024 but cited technical issues for April’s overproduction . Senate Democrats are investigating an alleged quid pro quo offer from Donald Trump to fossil fuel executives, where he reportedly promised to roll back environmental regulations in exchange for $1bn in campaign contributions. Algeria’s state oil company signed a memorandum with ExxonMobil to develop gas fields in the Ahnet and Gourara basins, seen as a significant move for Algeria’s energy goals, with negotiations for a production contract potentially taking up to three years. The front and 6-month spreads are $0.23/bbl and $2.36/bbl, respectively.
