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Three OPEC members identified by their peers as failing to bring production down to target levels in May appear to have begun improving their compliance in June, if lower exports are any indication. But for the biggest overproducer, Iraq, that first step is a small one.

The nationwide average price of a gallon of diesel increased by 1 cent to $2.396, according to the weekly report from the Energy Information Administration on June 8.

Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data was better than expected.

OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting.

The average price of a gallon of diesel fuel fell only half a penny nationwide to $2.394 from $2.399 the previous week, according to the Energy Information Administration's weekly report May 11.

Saudi Arabia announced a surprise move to slash oil output to the lowest point in 18 years as it tries to spur the recovery from an energy crisis that has devastated the kingdom’s finances.

Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then — swelling stockpiles for at least a few more weeks.

Diesel fuel prices continued their steady downward slide April 13, according to the Energy Information Administration.

Mexico says it has reached an agreement with the United States that will allow it to agree to a deal on production cuts with OPEC, Russia and other countries.

OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.