OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside.
The ongoing coronavirus crisis continues to cloud the outlook, and analysts expect this to reaffirm Saudi Arabia's caution about the global economic recovery.
Neil Beveridge, senior oil and gas analyst of Bernstein, explains that oil supply and demand will look to be more balanced in second quarter of 2021, but cautions that tightness in the market will reappear in the third quarter.
Kevin Wright of Kpler discusses the recent rise in Iran's oil exports despite U.S. sanctions and what to expect at the next OPEC+ meeting.
Herman Wang from S&P Global Platts discusses Saudi Aramco's upcoming earnings release and what it could mean for oil markets.
Oil prices are unlikely to mount a dramatic and sustained surge despite vaccines expected to boost demand later this year, the IEA said.
"Total oil demand is foreseen to reach 96.3 million bpd with most consumption appearing in the second half," OPEC said in the report.
Damien Courvalin of Goldman Sachs explains the bank's upgrade to its oil price target, and why demand for travel lies behind their bullish view.
JTD Energy Services' John Driscoll discusses whether oil at $70 a barrel is sustainable and what OPEC's exit strategy looks like.
Peter Shao from Guotai Junan International explains why Saudi Arabia's latest OPEC move is surprising.
Oil markets are "divergent" from the message by key oil players, says Rapidan Energy Group's Bob McNally.
Neil Beveridge of Bernstein says there are "very optimistic signs" for oil demand given the vaccine rollout, but the pick up is likely to happen from the third quarter onwards.
Oil prices jumped on Thursday after OPEC and its oil-producing allies said the group would keep production largely steady through April.
Dan Yergin, vice chairman of IHS Markit, says shale oil producers are consolidating and becoming more confident, but will not rush to increase production. He also weighs in on OPEC+ discussions and says it would be concerning for the market if OPEC increases supply by over 500,000 barrels per day.
Analysts broadly expect OPEC+ to hike output from current levels, but questions remain over how much exactly and which countries will be affected.
Analysts estimate the total volume of oil lost to the Texas winter storm at anywhere between 18 million and 40 million barrels.
According to David Fyfe, chief economist of Argus Media, the first quarter of 2022 will be the major crunch time as oil investors look toward Iranian oil exports and OPEC cohesion.
OPEC+ maintained its oil output policy at a meeting on Wednesday as the price of crude hit its highest in almost a year.
Oil prices were steady on Friday, sticking to ranges seen over the past three weeks, as investors looked for signs of changing supply and demand fundamentals.
Oil prices eased on Tuesday as coronavirus cases globally continued to rise, but losses were capped amid reports of a blast in Saudi Arabia.