Iraq will reduce its crude exports to 3.3 million barrels a day (bpd) in the coming months to compensate for exceeding its OPEC+ quota since January, the oil ministry said, a pledge that would cut shipments by 130,000 bpd from last month

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

“The global oil market is relatively well-supplied, with demand growth decelerating, while supply shows an increase in America,” said the head of the oil markets and industry division at the International Energy Agency (IEA)

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

Deputy Prime Minister Alexander Novak said that Russia is not considering banning diesel exports and emphasized that the measure of not selling gasoline abroad could be lifted at any time if the market becomes saturated

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