The global market has tightened significantly over the past few months amid a robust rebound in fuel demand in the US, China and parts of Europe
Crude futures are trading at a two-year high above $70 a barrel
The US benchmark is on course for a fifth quarterly advance, which would be the best run since 2010
Oil is up 40 per cent this year as the recovery from the pandemic in the US, China and parts of Europe boosts the outlook for fuel consumption
Oil is poised for a second straight monthly gain as the US, China and parts of Europe lead a robust demand recovery from the Covid-19 pandemic
OPEC+ ministers are due to meet June 1 to consider the state of the market and the group’s production policy
Some analysts estimate Iran could return to pre-sanctions production of almost 4 million barrels a day in as little as three months
The global oil market recovery is being driven by China and the US, with positive signs emerging from parts of Europe
Futures in New York traded near $59 a barrel after dropping 3.5 per cent last week
Data from the US and Asia do bolster the case for OPEC+ to loosen the taps
A US inventory report showed domestic fuel consumption is at the highest in four months
Crude has rallied strongly in the opening months of 2021
The attack on the kingdom’s Ras Tanura port on Sunday caused a brief spike in oil prices
Petrol prices have witnessed an increase after 11 months
Yamani represented four Saudi kings at the Organization of Petroleum Exporting Countries
Futures in New York traded near $55 a barrel after jumping almost 5 per cent over the previous two sessions
Rollout of coronavirus vaccines and improvement in ties between the US and China are likely to improve demand for oil
Saudi Energy Minister met in Riyadh on Saturday with Russian Deputy Prime Minister
The Supreme Petroleum Council last month approved a $122bn budget to help ADNOC boost production capacity by a fourth to 5 million barrels a day by 2030
Aramco also increased pricing for light crude grades to the Mediterranean region
Members have decided to add 500,000bpd of production to the market next month, then hold monthly meetings to decide on subsequent moves
Oil has just capped its biggest monthly increase since May on optimism energy demand will rebound as Covid-19 vaccines are rolled out in the coming weeks
Prices have remain unaltered for the ninth straight month
The producer group is considering keeping additional supply off the market for three to six months
While oil prices have more than doubled since OPEC+ began curbing supplies, Brent crude is still down 36 per cent this year
OPEC+ also warned at a meeting on Wednesday that the pace of the demand rebound was slower than expected
OPEC and allied producers have started to ease output curbs amid weakening demand
Producers as well as their allies have slashed exports as OPEC+ embarked on its biggest-ever joint oil production cuts amid reduced demand
While oil prices have recovered to $43 a barrel in London, from a two-decade low of $15.98 in late April, sentiment in the market remains fragile
Froehlich spent 16 years working at Morgan Stanley in Europe and the Middle East