OPEC’s secretary general said there were grounds for optimism that 2021 would be a year of recovery after the slump in oil prices and demand caused by the pandemic

OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, OPEC+ sources said, although any increase in output will be modest as producers are wary of fresh setbacks in the battle against the pandemic

Demand will rise by 5.79 million barrels per day (bpd) this year to 96.05 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report

Oil rose, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand

OPEC+ maintained its oil output policy as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for demand recovery

OPEC+ expects deep output cuts will keep the global oil market in deficit throughout the year, even though the producer group has revised down 2021 demand growth

OPEC+ compliance with pledged oil output curbs is averaging 85% so far in January, tanker tracker Petro-Logistics said, suggesting the group had improved its adherence to pledged supply curbs

OPEC+ compliance with oil production cuts in December reached 99%, two sources from the producer group told Reuters. The figure is slightly below November’s 101%

The outlook for US shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said, in a sign its policy of cutting output is helping rivals pump more

Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event