Saudi Arabia raced on Sunday to restart operations at oil plants hit by drone attacks which slashed its production by half, as Iran dismissed US claims it was behind the assault.
Opec is in the dark on the oil supply outlook for the second half of this year, with Iranian and Russian outages looking increasingly significant but Saudi Arabia reluctant to pump more due to fears of a price crash ...
The volatility is being driven by global factors, including proposed US sanctions on Iran and the mismatch in demand and supply of oil.
Traders said speculators continue to bet on further upside, expecting potential supply disruptions and further drawdowns, driven by strong demand.
Opec and its allies should maintain oil supply curbs to guarantee healthy price levels which will allow increased investment in the industry and help avoid a supply and price shock in the long run, Qatar's Minister of Energy and Industry HE Dr Mohamed bin Saleh al-Sada said.
The Paris-based IEA raised its forecast for oil demand this year to 99.3 million barrels per day (bpd), from 97.8 million bpd in 2017.
Iran is expected to add half a million barrels of oil supply a day within a year from its existing oilfields after the lifting of sanctions against Tehran in January, but developing new fields would take time, the head of the International Energy Agency said on Wednesday.