IIR's May 30 Market Scorecard Brings You Breaking Geopolitical News

Researched by Industrial Info Resources (Sugar Land, Texas)--Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.

Event	MarCon*	IIR Comment	Outlet	IIR News
OPEC cuts, rising demand seen boosting crude prices		Stubborn inflation and the potential for a U.S. recession might not be enough to keep a lid on crude oil prices given tighter market conditions and upbeat demand expectations, analysts said. Crude oil prices ended in positive territory last week, driven largely by signs that demand in the U.S. economy is holding up and jawboning from the Saudi energy minister about lower prices. Ed Longanecker, the president of the Texas Independent Producers & Royalty Owners Association, said sticky inflation and the potential for a recession in the U.S. economy, the world's largest, are unlikely to keep a lid on higher prices. "We will see a significant spike in fuel demand in the third quarter, coupled with declining inventories, a tight supply outlook and a continued commitment by OPEC+ to maintain high crude oil prices through production cuts," he added.	Houston Chronicle	ConocoPhillips, TC Energy, Equitrans Midstream: Your Daily Energy News
Saudi-Russia tensions growing ahead of key OPEC+ meeting		Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy. Riyadh has grown increasingly frustrated with Russia, which apparently hasn't kept its end of the deal and isn't reducing oil production as pledged, complicating the Saudi efforts to lift oil prices to at least the Kingdom's oil price breakeven level of $81 per barrel. So, officials from Saudi Arabia have expressed their frustration with Russia and have asked Russian officials that Moscow stick to its pledge to reduce oil production by 500,000 barrels per day (bpd) until the end of the year, sources with knowledge of the matter told The Wall Street Journal.	OilPrice	Report: Canadian Oil Sands Production Could Jump 15% by 2030
Debt ceiling deal faces first hurdle in Republican-led House		In the first test of a bipartisan deal on the debt ceiling, a key House committee will meet Tuesday to determine whether the agreement comes to a full vote, all while the country inches closer to next week's default deadline. The House Rules Committee - typically the first stop before legislation can go before the full House - will convene with attention fixed on a handful of far-right Republicans who could thwart the future of a deal struck over the weekend by President Biden and House Speaker Kevin McCarthy (R-Calif.).	Washington Post	Siemens Eyes U.S. Power Market as Grid-Service Needs Pile Up
China might have 65 million COVID cases a week by June. How worried should the world be?		Last week when a Chinese senior health adviser projected 65 million COVID-19 cases per week in China by June, some health experts sounded the alarm. China has been facing a new COVID-19 wave fueled by the XBB variant since April. Data from Zhong Nanshan-a respiratory disease doctor who was among the first to confirm COVID-19's easy transmissibility-provided a rare insight into how the disease could possibly be spreading in China almost six months after Beijing abruptly ended its draconian zero-COVID strategy....	Time	Natural Gas as Bridge Fuel During Energy Transition
Unusual ocean anomalies are being detected in the North Atlantic, impacting the Atlantic storm systems as we head into the Summer season		...Based on all the historical data, there is a high chance that the current warmer-than-normal subtropical Atlantic Ocean will translate into supportive conditions for the tropical season. But as a lot depends on the atmospheric conditions, an El Niño will provide a harder environment to make storms develop into stronger hurricanes. So at this point, it is hard to say who will prevail. However, while El Niño does look strong, the record-warm Atlantic Ocean is not to be ignored...	Severe Weather Europe	Typhoon Mawar Leaves Battered Guam Without Power
What you need to know about the plastic treaty negotiations in Paris this week		This week sees the second meeting of the Intergovernmental Negotiating Committee (INC), INC-2, take place in Paris, where countries will discuss an options paper that will be used as the basis for discussions at the meeting. It is the next step in a process that began in February 2022, at the resumed fifth session of the United Nations Environment Assembly (UNEA-5.2), when a historic resolution was adopted to develop an international legally binding instrument on plastic pollution, including in the marine environment. The aim is to complete negotiations by the end of 2024 and create a global, legally binding plastics treaty. Countries tasked the UN Environment Programme (UNEP) with convening and managing the INC process.	UN Environment Program	Natural Gas Prices Remain Tired, Depressed
Week 05/22/23 - 05/30/23		Coming together right now... As expected, Uncle Sam came together in the 13th hour on a tentative debt ceiling deal; now eyes turn to witness whether Congress & the Senate will come together to pass this deal as legislation. Although OPEC+ is coming together on the 4th of June to discuss their output policy, there is noticeable tension between Saudi Arabia and Russia.. Also, the UN is coming together in Paris to take their next steps on a global, legally binding plastics treaty. Not to mention China's ministry of health could be coming together to take action on its COVID wave which could unduly affect the world's second-largest economy.
*MarCon (Market Condition 1-5, with 5 being the highest impact) indicates directional bias or price effect for the relevant commodity (Oil, Natural Gas, Chemicals, etc.) and is graded by our team of experts here at IIR.