U.S. President Donald Trump said additional tariffs on Chinese goods were ready to kick in after the G20 summit this month if no trade deal is reached with China.
The dramatic decline in oil prices, caused by rising U.S. stockpiles, lukewarm demand growth as well as fears of a United States recession had raised the possibility of Opec+ agreeing to an extension well into the second half of the year.
All eyes will be on the upcoming The Organization of the Petroleum Exporting Countries (OPEC) meeting during June 25-26, when it decides its output policy for the rest of the year.
From his subsequent meetings with Russian Energy Minister Alexander Novak, Al-Falih has drawn the conclusion that "the oil market will need continued supply oversight, while making sure that we continue to guide the market towards stability". The deal is due to expire this month.
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On the demand side, analysts expect fuel consumption growth to stutter along with the global economy.
Separately, Russian Finance Minister Anton Siluanov said oil prices could fall as low as $30 per barrel if OPEC and others did not extend the curbs. "But on the whole. we need to analyze deeper and look at how the events will develop in June in order to take a balanced decision at the joint OPEC+ meeting in July", Reuters quoted Novak as saying.
This, coupled with large US oil inventories has pushed the oil picture from one of risks and rising prices to faltering demand and falling prices.
China's crude oil imports slipped to around 40.23 million tonnes (9.47 million barrels per day), down from an all-time peak of 43.73 million tonnes in April, customs data showed on Monday, as the world's top importer of the commodity curbed shipments from Iran amid tighter United States sanctions.