Russian oil production has declined so far in June from average levels in May despite a price rally in oil market and OPEC+ output cuts easing

Oil prices slipped after hitting more than 2-1/2 year highs earlier in the session, as a spike in COVID-19 cases in Asia put a brake on rally before this week’s OPEC+ meeting

Indian Oil Minister Dharmendra Pradhan again urged the Organisation of the Petroleum Exporting Countries (OPEC) to phase out crude output cuts as high prices are stoking inflation

Iran said the United States had agreed to remove all sanctions on Iran’s oil and shipping, although Germany cautioned that major issues remained at talks between Tehran and world powers to revive a 2015 nuclear deal

OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, two OPEC+ sources said

China’s imports from Saudi Arabia fell 21 percent in May from a year earlier but retained their top ranking among suppliers for a ninth month in a row, customs data showed

OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, giving it more power to manage the market in the short term

Crude exports from the world’s top exporter slipped to 5.408 million barrels per day (bpd) from 5.427 million bpd in March, while crude output edged lower to 8.134 million bpd in April

Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said

OPEC and its allies maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect