Igor Sechin, the head of Russian oil major Rosneft, said the world was facing an acute oil shortage in the long-term due to underinvestment amid a drive for alternative energy, while demand for oil continued to rise

Oil prices were little changed after strong gains in the previous two sessions on expectations for surging fuel demand later this year while major producers maintain supply discipline

Oil rose, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States

An increase in Iranian oil output will boost the country’s political power, Oil Minister Bijan Zanganeh said as Tehran and world powers pursue talks to lift U.S. sanctions that have stopped it from pumping anywhere near capacity since 2018

OPEC+ agreed to stick to the existing pace of gradually easing oil supply curbs, two OPEC+ sources said, as producers balanced expectations of a recovery in demand against a possible increase in Iranian supply

Oil prices rose 1%, bolstered by strong U.S. economic data that offset investors’ concerns about the potential for a rise in Iranian supplies

OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on June 1, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply

The global oil deficit is now seen at about 1 million barrels per day, Russia’s deputy prime minister Alexander Novak said, days before the OPEC+ top negotiators are to meet

Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply

Shipments from Saudi Arabia were 6.47 million tonnes last month, or 1.57 million barrels per day (bpd), hitting their lowest since October, data from the General Administration of Chinese Customs showed