Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco, pending final approval from Crown Prince Mohammed bin Salman

The increase in global oil inventories during April, due to weak fuel demand, could strengthen the rationale for OPEC+ producers to maintain supply cuts at their meeting on June 2

The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth, widening the gap with producer group OPEC in terms of expectations for this year’s global demand outlook

OPEC stuck to its forecast for strong growth in global oil demand in 2024 and said it would switch to focus on projected demand for OPEC+ crude,

The ministry attributed this result to the rise in Russian crude prices in the international market and to the tax changes implemented last February

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

China’s oil imports from Russia, including pipeline deliveries and maritime transport, rose 12.5% annually to 10.81 million tons, or 2.55 million barrels per day (bpd) last month, according to Customs Administration data

Goldman Sachs has raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80

U.S. Treasury Secretary Janet Yellen warned that the U.S. intends to hit Iran with new sanctions in coming days over its unprecedented attack on Israel, and these actions could seek to reduce Iran’s capacity to export oil

The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth, citing lower than expected consumption in OECD countries and a slump in factory activity