Oil prices remain under pressure this week despite expectations that OPEC+ will agree to extend production cuts at this Sunday’s meeting, OilPrice said.

The Memorial Day holidays, which usually trigger a bump in gasoline consumption, failed to drive a significant increase in fuel demand, adding downward pressure to oil prices. Overshadowing higher refinery runs in the U.S., concerns over this year’s consumption patterns loom large over the summer months. Heading into the weekend, all eyes will be on OPEC+ as it meets in Vienna, with Brent futures headed for another weekly loss at $81 per barrel, a prospect that the likes of Saudi Arabia or Russia are unlikely to enjoy. 

A group of 23 Democratic senators asked the US attorney general to investigate allegations of collusion between American oil companies and OPEC, on the back of the FTC’s insinuations about former Pioneer CEO Scott Sheffield. U.S. Senate Majority Leader Chuck Schumer and 22 other Democratic senators on Thursday asked the attorney general to investigate allegations of collusion and price fixing between the oil industry and the Organization of the Petroleum Exporting Countries, Reuters reported.

Earlier in May, the Federal Trade Commission gave the go-ahead to Exxon Mobil’s, opens new tab $60 billion purchase of Pioneer Natural Resources, but barred former Pioneer CEO Scott Sheffield from Exxon’s board on allegations he attempted to collude with OPEC to raise oil prices.

/OilPrice, Reuters/