Global oil demand is edging up slowly but is set for a huge boost from resumed air travel and China’s economic reopening after COVID-19 curbs, the International Energy Agency said

OPEC further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country’s COVID-19 curbs, although it left the global total steady citing potential downside risks for world growth

The Biden administration is approving a scaled-back version of ConocoPhillips’ $7 billion oil and gas drilling project in Alaska, the U.S. Department of Interior said

Barclays cut its 2023 oil price forecasts, due in part to more resilient output from Russia than expected, and said the market could flip into a deficit in the second half of the year due to growing demand in China

The development also highlights growing cooperation between Russia and top Gulf oil producers, such as Saudi Arabia and the UAE. Gulf Arab states have resisted U.S. pressure to help isolate Russia and to pump more oil to help replace Russian supply after it came under Western sanctions

Shell is reviewing its current plan to reduce oil output by 1% to 2% per year by 2030, Chief Executive Officer Wael Sawan told the Times, against the backdrop of rival BP recently rowing back from hydrocarbon output reduction aims

J.P. Morgan forecast Russia would be able to maintain its oil output at pre-Ukraine conflict levels due to steady demand from China and India but said it might struggle to reroute some of its oil product exports away from Europe

OPEC oil output rose in February led by a further recovery in Nigerian supply, a Reuters survey found, despite strong adherence by top producers to an agreement by the wider OPEC+ alliance to cut production to support the market

Strong pick-up in fuel demand in China and flattish supply from other producers will push the oil market into deficit in the second half of this year, leading OPEC to reverse its production cut at the June meeting, analysts at Goldman Sachs said

Oil prices edged higher in volatile trade, bolstered by the prospect of lower Russian exports but pressured by rising inventories in the United States and concerns over global economic activity