WATCH: OPEC+ oil producers agreed to stick to the existing pace of gradually easing of supply curbs through July. Oil has seen a rise in demand as the global economy bounces back from the depths of a health-crisis-induced-slowdown
The Organization of the Petroleum Exporting Countries and allies - known collectively as OPEC+ - decided in April to return of supply to the market during May through July as it anticipated demand would rise despite high numbers of coronavirus cases in India.
"The vaccine rollout has gathered pace with around 1.8 billion vaccines administered around the world ... This can only lead to further rebalancing of the global oil market," he told an online news conference.A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020.
Iran could boost production and exports by between 1.0 and 1.5 million bpd if sanctions are fully removed.
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