Saudi Arabia and other major oil producers, including Russia and UAE, announced surprise cuts totalling 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.
Oil prices have jumped after a drone attack targeted Iran and as China pledges to promote a consumption recovery which would support more fuel demand.
China, the world's second-biggest oil consumer, opened its borders on Saturday for the first time in three years, buoying the outlook for its demand for transportation fuels as well as the global economy.
Western leaders want to bleed Moscow financially but China and India haven't indicated if they plan to abandon the purchase of Russian oil.
Global demand was overshadowed by the prospect of further interest rate hikes in the United States and Europe to combat inflation and strict Covid-19 restrictions in China.
UN inspectors visit a Russian-occupied power plant to "prevent a nuclear accident" there as the Kremlin criticises a EU move making it difficult for Russians to enter the bloc on the 190th day of the conflict.
As the Ukraine conflict makes Black Sea shipments difficult, Kazakhstan looks at an alternative route to export its oil to Europe.
Analysts predict Iran could boost its oil exports by 1 million to 1.5 million barrels per day, or up to 1.5 percent of global supply, in six months, following international efforts to revive the 2015 nuclear deal.
Investors sold oil positions on worries that aggressive interest rate hikes to stem inflation will sharply slow economic activity and hit oil demand.
A hydrocarbon-fueled political crisis at home is mainly driving the US president’s upcoming visit to the region.
White House praises King Salman and Crown Prince Mohammed bin Salman for their roles in the ceasefire extension in Yemen's war, ahead of President Biden's expected visit to Riyadh.
The state-owned oil producer, which is at par with Apple as the world's most valuable company, reported an almost 82 percent rise in the first-quarter net profit.
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