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The Organization of the Petroleum Exporting Countries (OPEC) has maintained its forecast of oil demand growth in 2024 and 2025, Report informs, citing Monthly Oil Market Report – April 2024.

In 2025, OPEC forecasts oil and condensate production in the country at 700,000 barrels per day.

Citadel's Sebastian Barrack said OPEC+ has "definitely regained control" of the oil market over the last few years. Last week, OPEC+ said it would maintain its voluntary cuts until July.

Thus, Azerbaijan fulfilled 87.3% of the OPEC quota.

Despite sanctions, Iran is OPEC's third-largest oil producer. The Israel Defense Forces withdrew all units from the southern Gaza Strip on Sunday night, The Jerusalem Post said.

Tighter supply for medium and heavy grades due to oilfield maintenance in Saudi Arabia, OPEC+ production cuts and rising domestic consumption in several Middle East producing countries were expected to support May OSPs for Saudi Arabia's Arab Medium and Arab Heavy, sources said before the prices were

The ministers of the OPEC+ monitoring committee, co-chaired by Russia and Saudi Arabia, at a meeting on Wednesday, did not give the alliance recommendations on changing the current oil production policy, according to an OPEC press release.

Member countries with overproduction for January, February and March 2024 will submit their detailed compensation plans to the OPEC secretariat by April 30, 2024, the document notes.

The oil market continues to wait for news from OPEC+. The coalition states, which will meet again on April 3, are likely to maintain current production restrictions.

Oil prices have risen in anticipation of a meeting of the OPEC+ ministerial monitoring committee, which will take place this week, Report informs via Interfax. June Brent futures rose in price on the London ICE Futures exchange by $0.25 (0.3%) to $87.25 per barrel.