U.S. crude oil and petroleum product gross exports have more than doubled over the past six years, increasing from 2.4 million barrels per day (b/d) in 2010 to 5.2 million b/d in 2016. Exports of distillate, gasoline, propane, and crude oil have all increased, but at different paces and for different reasons.

All in all, in our judgement, the U.S. economic model is not working as well as it could in generating broadly shared income growth.

Among China's LNG suppliers Australia has fared best, with imports rising 42.7 percent in the first five months to 5.39 million tonnes, almost double that of second-placed Qatar at 2.84 million tonnes.

Global benchmark Brent crude futures were trading up 45 cents, or 1.0 percent, at $45.99 per barrel at 0623 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 43 cents, or 1.0 percent, at $43.44 per barrel.

“Prices can go below $40 a barrel given the market is being dictated by sentiment and not fundamentals. There is nothing to stop it right now.”

Keeping the rise of global temperatures below 2 degrees Celsius means reducing energy-related carbon dioxide emissions by more than 70 per cent by 2050 (compared to 2015 levels). Analysis by IRENA for the G20 Presidency has shown that renewable energy and energy efficiency could potentially achieve 90 per cent of those reductions.

Turkstream has been promoted by Mr Putin as a way to deepenaccess to the Turkish market, which was the second biggest for Russian natural gas last year after Germany, and to support his strategic objective to bypass Ukrainian pipelines.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations.

Brent futures LCOc1 settled up 32 cents, or 0.7 percent, to $45.54 a barrel. U.S. West Texas Intermediate crude (WTI) CLc1 ended up 27 cents, or 0.6 percent, at $43.01 per barrel.

Total petroleum deliveries in May moved up by 4.9 percent from May 2016 to average 20.1 million barrels per day. These were the highest May deliveries in 10 years, since 2007, and the highest deliveries for any months in over 9 years, since January 2008. Compared with April 2017, total domestic petroleum deliveries, a measure of U.S. petroleum demand, increased 2.7 percent. For year-to-date, total domestic petroleum deliveries moved up 1.5 percent compared to the same period last year.