Depressed global demand for LNG continues to drive US LNG buyers to cancel cargoes for loadings in September.
US oil firms are estimated to have curtailed around 2 million b/d of crude oil production in May after prices plunged.
Drastically reduced drilling activity likely means that US oil production could take over two years to return to the pre-crisis level.
The shut-off helped Iraq cut output as part of the OPEC-plus agreement to reduce global oil production.
Record Chinese crude oil imports over the past few months have supported still weak global oil demand and instilled confidence in the market that the demand recovery will continue.