OPEC forecast that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and India

Saudi Arabia and the United Arab Emirates have reached a compromise over OPEC+ policy, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices

The International Energy Agency warned that world oil markets are likely to remain volatile following a breakdown in talks between OPEC members and their non-OPEC allies, creating a no-win situation

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

Oil prices rose, driven higher after OPEC+ nations called off talks on output levels, meaning no deal to boost production has been agreed

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

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

China’s imports from Saudi Arabia fell 21 percent in May from a year earlier but retained their top ranking among suppliers for a ninth month in a row, customs data showed

Crude exports from the world’s top exporter slipped to 5.408 million barrels per day (bpd) from 5.427 million bpd in March, while crude output edged lower to 8.134 million bpd in April

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