As oil markets remain jittery, the cargo seizure is the latest escalation between Washington and Tehran after years of sanctions pressure by the U.S. over Iran’s nuclear program

Oil prices will pick up pace towards $90 a barrel over the course of this year as production cuts by OPEC+ and rebounding China demand shield against a deteriorating economic backdrop in the West, a Reuters poll showed.

Russian Deputy Prime Alexander Novak said that OPEC+ group of leading oil producers does not see the need for further oil output cuts despite lower-than-expected Chinese demand, though the organisation is always able to tweak its policy

Kazakh oil can help ensure the Czech Republic’s energy security after it stopped importing Russian crude, Czech Prime Minister Petr Fiala said on a visit to the Central Asian country

Russia’s oil output this year is on course to top 480 million tonnes, or about 9.6 million barrels per day (bpd), a Russian government source said. The figure, which excludes gas condensate, is in line with Russia’s pledge to cut production by 500,000 bpd to 9.5 million bpd from March until year-end

The Group of Seven (G7) coalition will keep a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow’s revenues

Saudi Arabia’s crude oil exports slipped more than 2% in February data from the Joint Organisations Data Initiative (JODI) showed

European Union and G7 restrictions on Russian oil exports led to a global shift in oil flows, with Asian refiners soaking up discounted Russian crude, in part explaining the recent OPEC+ decision to curtail output further, the West’s energy watchdog said

OPEC flagged downside risks to summer oil demand as part of the backdrop to shock output target cuts announced by OPEC+ producers on April 2, although the producer group maintained its forecast for global oil demand growth in 2023

U.S. crude inventories rose unexpectedly last week, the Energy Information Administration said, helped by release of oil from the U.S. government emergency reserve as well as weaker levels of export