OPEC and its allies led by Russia will meet to discuss production policy amid upbeat forecasts for energy demand despite concerns about new coronavirus spikes in India, Brazil and Japan

Russian Deputy Prime Minister Alexander Novak added that Russia’s energy ministry was ready to support export curbs on oil products in order to bolster the domestic market

Strong economic data from China and the United States helped to lift oil prices, recouping some of the previous session’s losses, as coronavirus-led volatility continues to dominate

Saudi Arabia is prepared to support extending oil cuts by OPEC and allies into May and June and is also ready to extend its own voluntary cuts to boost oil prices amid a new wave of coronavirus lockdowns

Goldman Sachs expects OPEC + to keep its oil production unchanged for May, when the group meets next week, and to continue making “still the big rise of 3.4 million barrels per day that is expected. for September”

With oil prices making steady gains earlier this year, OPEC and other producers had hoped to ease output cuts, but industry sources say a fresh wave of lockdowns around the world threatens to tear up those plans

OPEC+ compliance with oil production cuts in February rose to 113%. The figure compares with a January compliance figure of 103%

Russia plans to decrease its oil exports in the second quarter 2021 despite an OPEC+ decision to allow the state an additional output hike from April

OPEC said a recovery in oil demand will be focused on the second half of the year as the impact of the pandemic lingers as a headwind for the group and its allies in supporting the market

Oil prices rose on a weaker dollar as fears of rising US inflation eased while a steep fall in US fuel stocks meant a crude glut would be short-lived as refiners restart in Texas after last month’s freeze