OPEC is encouraged by a rally in oil prices and strong adherence to its latest output cut, its secretary general said, although sources say the group has not ruled out further steps to support the market

International Energy Agency (IEA) Executive Director Fatih Birol said that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand

OPEC+ meets next in early June to decide on its output policy. Under the deal, the exporting group is set to scale back the cuts to 7.7 million barrels per day from July until December

The Saudi Arabia energy ministry has directed Aramco to reduce its crude oil production for June by an extra voluntary amount of 1 million barrels per day, on top of the reduction already committed under the OPEC+ deal

Russia’s oil output in the first five days of May fell to 8.75 million barrels per day, close to its production target of 8.5 million daily barrels for May and June under a global deal to cut crude supplies

Saudi Arabia said it is monitoring oil markets and is ready to take extra measures to stabilize them along with OPEC+ allies and other oil producers

Investors sold the May futures contract due to expire on Tuesday in a series of waves. At one point the contract hit negative $40. The crude oil had ended the day at a negative $37.63 a barrel

The Organization of the Petroleum Exporting Countries stated that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand

The International Energy Agency (IEA), the energy watchdog for the world’s most industrialised nations, may announce purchases of up to several million barrels to buoy the deal

The Organization of the Petroleum Exporting Countries expects global demand to rise by just 60,000 barrels per day in 2020, a reduction of 920,000 from its previous forecast