OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but they could keep the cuts if demand fails to pick up

A meeting of senior OPEC+ ministers kept oil output policy unchanged and pressed some countries to increase compliance with output cuts

The short-term growth in global oil and liquid fuels production will be primarily driven by the United States, Guyana, Canada, and Brazil, offsetting the voluntary cuts by OPEC+, forecasted the EIA

In its monthly report, the Organization of the Petroleum Exporting Countries said that global oil demand will increase by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025

OPEC members and other producers must adapt to the changing market dynamics due to the “redirection” of trade flows since early 2022, said OPEC Secretary-General

The OPEC+ alliance aims for price stability in the oil market, not endless increases, and so far, it is achieving this, said Russian President Vladimir Putin

Russia has declared plans to cut its oil production and exports by an additional 471,000 barrels per day (bpd) between April and June, in coordination with some OPEC+ participating countries

OPEC oil production increased in February, as detected by a Reuters survey, as a recovery in Libyan pumping after a disruption offset the impact of voluntary cuts agreed upon by other members of the bloc

Goldman Sachs raised its forecast for Brent highs in the northern summer of 2024 by $2 per barrel, to $87. This is due to disruptions in the Red Sea contributing to slightly larger withdrawals than expected in OECD commercial inventories

OPEC maintained its forecast of relatively strong growth in global oil demand in 2024 and 2025, while raising its economic expansion projections for both years, stating that there is greater upside potential