From August till December 2021 the group will improve provide by an extra 2 million bpd or 0.4 million bpd a month, OPEC mentioned in a press release. It goals to completely part out cuts by round September 2022

Saudi Arabia and Oman called for continued cooperation between OPEC and other allied producers to stabilise and balance the oil market, the Gulf states said in a joint statement

OPEC+ is moving towards gradually adding about 2 million barrels per day (bpd) to the oil market from August to December, as the group eases back on output curbs amid a recovering global economy and an oil price rally

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

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

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

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

In a monthly report, the Organization of the Petroleum Exporting Countries said demand would rise by 6.6% or 5.95 million barrels per day (bpd) this year. The forecast was unchanged for a second consecutive month

The US Energy Information Administration cut its 2021 world oil demand growth forecast by 10,000 barrels per day to 5.41 million bpd