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Oil prices may be heading for their first month of declines since November as fears intensify about the global economy swinging into a recession, in large part because of high oil prices.
Delegates from OPEC+ are trying to decide what to do when the oil production pact ends in August
Russia could continue its participation in the OPEC+ oil production agreement even after it officially expires at the end of this year
The OPEC+ group was falling behind its overall crude oil production target by a massive 2.695 million barrels per day (bpd) in May due to Western sanctions on Russia and capacity constraints at several other producers unable to pump to quotas
Japan's Idemitsu will shut down a refinery in 2024 in response to an anticipated decline in gasoline demand