OPEC and its allies expect oil inventories to fall further in the coming months, OPEC’s secretary general said, suggesting efforts by the producers to support the market are succeeding

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 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

Oil production in Brazil rose 4.6% in April from March, figures from the ANP national oil regulator showed, the second monthly rise in a row, led by rising output from Petrobras and Royal Dutch Shell

“The pathway to net zero is narrow but still achievable. If we want to reach net zero by 2050 we do not need any more investments in new oil, gas and coal projects,” Fatih Birol, the IEA’s executive director

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

Iran’s exports are rising as talks take place to revive a 2015 nuclear deal which could eventually allow more oil to the market. So far, OPEC and its allies, known as OPEC+, are not concerned by Iran and plan their own output boost from May

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