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

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

Global oil demand growth is losing momentum, said the International Energy Agency (IEA), as it cuts its growth forecast for 2024, sharply contrasting with the projections of the OPEC

Saudi Arabia’s decision to postpone plans to expand oil capacity should not be interpreted as an assessment that crude demand is falling, the OPEC secretary-general said

The oil company YPF will focus over the next four years on its areas within the massive Vaca Muerta unconventional hydrocarbon formation in the southwest of the country