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

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

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

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