OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, giving it more power to manage the market in the short term

Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said

OPEC and its allies maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect

In a monthly report, the Organization of the Petroleum Exporting Countries said demand would rise by 6.6% or 5.95 million barrels per day (bpd) this year. The forecast was unchanged for a second consecutive month

The US Energy Information Administration cut its 2021 world oil demand growth forecast by 10,000 barrels per day to 5.41 million bpd

OPEC and its allies expect oil inventories to fall further in the coming months, OPEC’s secretary general said, suggesting efforts by the producers to support the market are succeeding

Igor Sechin, the head of Russian oil major Rosneft, said the world was facing an acute oil shortage in the long-term due to underinvestment amid a drive for alternative energy, while demand for oil continued to rise

Oil rose, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States

An increase in Iranian oil output will boost the country’s political power, Oil Minister Bijan Zanganeh said as Tehran and world powers pursue talks to lift U.S. sanctions that have stopped it from pumping anywhere near capacity since 2018

Oil production in Brazil rose 4.6% in April from March, figures from the ANP national oil regulator showed, the second monthly rise in a row, led by rising output from Petrobras and Royal Dutch Shell