global oil market

Last Saturday, eight OPEC+ nations agreed to raise production by 548,000 barrels a day in August, taking advantage of strong summer consumption.

Demand for fuel is still growing as the world picks up where it left off before Covid-19 lockdowns: Bloomberg's Will Kennedy.

(May 8): Saudi Arabia’s oil minister said he’s confident that an agreement by producers to curb crude output and shrink a market glut will be extended into the second half of the year and possibly beyond.

GENEVA/LAUSANNE (March 30): The oil market is risking a supply crunch as producers cut spending on major projects to focus on short-term low-cost shale output in the US, some of the top crude and products traders said.