OPEC and 10 non-OPEC partners, led by Russia, agreed in December to cut a combined 1.2 million b/d of production in the first half of 2019.

Gazprom's 10-year transit deal with Ukraine's Naftogaz expires on December 31 this year, with some in the European gas market becoming increasingly concerned that there could be disruption to Russian gas flows via Ukraine as a result.

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 70,000 b/d month-over-month in June from 8,450 to 8,520 thousand barrels/day, gas production to increase 798 million cubic feet/day from 80,564 to 81,362 million cubic feet/day .

Industrial production rose 0.4 percent in May after falling 0.4 percent in April. The indexes for manufacturing and mining gained 0.2 percent and 0.1 percent, respectively, in May; the index for utilities climbed 2.1 percent. At 109.6 percent of its 2012 average, total industrial production was 2.0 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector moved up 0.2 percentage point in May to 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2018) average.

Brent futures fell 25 cents, or 0.4%, to $61.76 a barrel by 0750 GMT, having gained 1.1% on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4%, at $52.29, having firmed by 0.4% in the previous session.

The OECD sees global GDP growth rebounding to 3.4% in 2020, assuming that trade disputes are resolved and confidence rebuilds. This suggests that global oil demand growth will have scope to recover from 1.2 mb/d in 2019 to 1.4 mb/d in 2020.

At the G20 Ministerial Meeting, which saw ministers of energy and environment meet in Japan, Saudi Arabia's Energy Minister Khalid Al-Falih said that strategic investments should be made to ensure the future energy mix is optimal, including conventional energy sources as well as new sources of energy, to ensure that the supply of energy is abundant, affordable, accessible and sustainable.