Oil prices rose 1%, bolstered by strong U.S. economic data that offset investors’ concerns about the potential for a rise in Iranian supplies

OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on June 1, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply

The global oil deficit is now seen at about 1 million barrels per day, Russia’s deputy prime minister Alexander Novak said, days before the OPEC+ top negotiators are to meet

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply

Russian Deputy Prime Minister Alexander Novak said there was an oil deficit on the global market even though some countries were recording a growing number of COVID-19 cases

Russian Deputy Prime Minister Alexander Novak said in an interview published on Monday that the oil prices of $62-$66 per barrel reflect the current market

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

Total crude imports by the world’s third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier, the data showed

Iran’s exports are rising as talks take place to revive a 2015 nuclear deal which could eventually allow more oil to the market. So far, OPEC and its allies, known as OPEC+, are not concerned by Iran and plan their own output boost from May

The panel decided to stick to policies broadly agreed at a previous April 1 meeting of OPEC+, Russian Deputy Prime Minister Alexander Novak said after the talks