Oil investors appear to be adjusting expectations for tight crude supplies later this year, with the gap between nearer-term and further prices weakening despite the OPEC+ producers’ group plan to deepen production cuts

OPEC left its 2023 global oil demand growth forecast steady for a fourth month, although the producer group warned that the world economy faced rising uncertainty and slower growth in the second half of the year

The U.S. Department of Energy said it awarded supply contracts to five companies to deliver 3.1 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel

Global demand for crude oil is continuing to rise but supply growth remains limited and will lead to higher prices later this year, a Pioneer Natural Resources PXD.N executive said

Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices

OPEC oil output fell in May after Saudi Arabia and other members of the OPEC+ alliance made voluntary output cuts to support the market, a Reuters survey stated, although increases elsewhere in the group limited the decline

India’s state-run Oil and Natural Gas Corp ONGC.NS said oil output from the Sakhalin-1 project in Russia has bounced back to its plateau level of about 200,000 barrels per day (bpd) from zero, according to a company presentation

Russia is leaning towards leaving oil production volumes unchanged ahead of an OPEC+ policy meeting on June 4 because Moscow is content with current prices and output

The Russian government is considering a possible gasoline export ban to prevent domestic fuel shortages and price increases after a decision to reduce subsidies for refineries

Brazilian President Luiz Inacio Lula da Silva said he finds it “difficult” to believe that oil exploration in the Amazon basin would cause environmental damage to the region’s rainforest, the largest in the world