- OPEC delays its Joint Ministerial Monitoring Committee (JMMC) by a day to allow more time to reach a consensus
- The meeting will now take place on Thursday, July 1, the same day as its main policy meeting
- According to Bloomberg, Moscow and Saudi Arabia hold different stances on returning output. Saudi Arabia has held a much more cautious stance than the Kremlin, as the country is more dependent on oil prices. The kingdom has called for a more gradual output hike
- Many analysts expect that the group will return 550 MBbl/d or 10% of its current spare capacity back onto the market
- U.S.-Iran nuclear negotiations postponed as atomic talk progress slows (Bloomberg)
- Envoys won't convene for their seventh round of talks in Vienna this week, as Iran has failed to extend a stop-gap nuclear monitoring pact
- Europeans have warned that the longer that talks run, the more events on the ground will complicate the negotiation process. Iranian proxy forces and the U.S. military have exchanged attacks along the Iraqi border this week
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 4,418 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: - 757 MBbls
- U.S. Distillate Inventories: + 707 MBbls
- U.S. Refinery Utilization: + 0.39% change