Saudi Arabia made some of the biggest price increases for crude exports in at least two decades, doubling down on its strategy to bolster the oil market after OPEC+ producers extended historic output cuts.

On the surface, it’s the old OPEC strategy of production cuts. When the cartel and its allies meet on Saturday, they are set to extend their output curbs for an extra month into July in an effort to consolidate the price recovery.

Nigeria said it reaffirms its commitment to the OPEC+ deal struck on Saturday and “subscribes to the concept of compensation” from members pumping above their quota.

Early signs of a shale rebound are becoming evident as crude prices emerge from their dramatic collapse earlier this year.

Natural gas producers have had little to cheer about over the past few months after prices sunk to multi-year lows amid a huge oversupply and warm weather. The slowdown could not have come at a worse time for the burgeoning U.S. LNG industry, which has experienced explosive growth over the past decade that put the nation on the cusp of becoming the world's largest LNG exporter ahead of Qatar and Australia. But now, U.S. LNG producers can afford to smile after nabbing a key customer: Turkey.

OPEC+ hopes to reduce global storage volumes with their production cuts, and hopes to extend them through at least, the summer. OPEC’s regular meeting in Vienna is coming up and of course the Russians will be invited as they hold the key to realizing the 9.7 mm BOPD cut now in effect through June.

Siemens and Equinor have signed a framework agreement for the provision of safety and automation systems (SAS) for multiple oil and gas installations on the Norwegian continental shelf (NCS).

The natural gas glut is now so severe that prices hardly move even when Europe’s biggest supplier curbs flows to the region.

Qatar has signed a deal worth around $20 billion with South Korean shipbuilders to help cement its position as the world’s largest producer of liquefied natural gas.

Oil rose past $36 a barrel as investors eyed a potential extension of record production curbs by OPEC+ while physical markets showed renewed signs of tightness.