- OPEC plans to review its supply hike plans as rising COVID infection in India cloud demand expectations
- The technical committee on Monday said that it expects global oil demand to rise 6 MMBbl/d this year
- The committee expects that global fuel stockpiles will decline at an average pace of 1.2 MMBbl/d in 2021. Inventory levels surplus to the five-year average are expected to fall to 8 MMBbls by the end of 2Q2021
- Oil producers must start "gently" increasing output, said Lukoil Deputy VP
- The company said that the oil market is balanced and will likely never be oversupplied again
- The Russian oil company noted that under any climate change scenario, the oil market would be ruled by demand rather than supply
- India COVID surge continues to escalate, causing countries around the world to pledge support
- On Monday, India reported a record-high of 352,991 cases. This marks the sixth consecutive day of 300k+ new cases being reported
- Preliminary estimates by OilX suggest that fuel demand could finish the month 350 Mbbl/d lower than March levels. AEGIS notes, a national lockdown has yet to be implemented, and that number could grow significantly if more restrictive lockdowns measures are implemented