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The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, on Saturday agreed to extend May and June oil supply cuts for another month to continue rebalancing an oversupplied global crude market.

Lisa Murkowski (R-AK), chairman of the Senate Energy and Natural Resources committee, is urging the Department of Energy’s Energy Information Administration (EIA) to publish data on oil storage capacity as a warning indicator of potential shut-in oil production.

Lisa Murkowski (R-AK), chairman of the Senate Energy and Natural Resources committee, is urging the Department of Energy’s Energy Information Administration (EIA) to publish data on oil storage capacity as a warning indicator of potential shut-in oil production.

The Trump administration is considering a host of potential resolutions to the oil price war currently wreaking havoc on global markets, including luring Saudi Arabia away from the Organization of the Petroleum Exporting Countries (OPEC) and into an alliance with the United States, according to U.S. Energy Secretary Dan Brouillette.

The United States should embargo oil from Russia and Organization of the Petroleum Exporting Countries (OPEC) nations in response to their efforts “to distort energy markets,” according to Sen. Kevin Cramer (R-ND).

Following an Iranian attack on U.S. forces stationed in Iraq late Tuesday further ratcheted up tensions, natural gas and oil pipeline operators across the United States are on guard against potential threats, including from cybersecurity efforts.

Fears of escalation in the Middle East following a U.S. attack in Iraq early Friday, which killed a high ranking Iranian military leader, could support a sustained move higher for crude oil prices, which jumped 4% on Friday.

The Organization of the Petroleum Exporting Countries, aka OPEC, and its allies on Friday agreed to reduce overall production levels by another 500,000 b/d from January through March.

A major attack on Saudi Arabia’s oil infrastructure over the weekend rocked crude prices, sounding an alarm that markets may have previously discounted the extent of geopolitical risks to supply, according to analysts.