IEA warns OPEC+ output cuts could harm economic recovery and consumers.
Oil prices dropped after OPEC adjusted its demand forecast, but the IEA's warning of a significant supply deficit later this year helped to bolster prices. The US EPA proposed aggressive emission cuts for new vehicle sales by 2032, and China's Sinopec will take a 5% stake in one of the North Field East LNG trains in Qatar. Glencore improved its takeover bid for Canadian miner Teck Resources, and Colombia's state oil company Ecopetrol has a new CEO. The anticipated licensing of 14 offshore oil blocks in Guyana has been delayed to mid-July, and French oil major TotalEnergies is reportedly in early-stage talks to buy private equity-backed exploration firm Neptune Energy.