- COVID-19 resurgence in India reduces the country's appetite for Saudi oil
- Refiners in the world's third-largest importer have sought to reduce May imports by a third, on new demand concerns
- India has been a vocal critic of OPEC+'s hawkish stance on oil markets, and its moves to support oil prices in the last few months
- Oil market's focus shifts to Iran after OPEC+ decision — Goldman Research
- Iran and other world powers will begin their most legitimate talks to revive the nuclear deal today (JCPOA)
- According to Goldman Research, a full recovery in Iranian exports will not happen until the summer of 2022. The bank says a recovery in Iran exports before the end of 2021 would add $5 of downside risk, while the lack of an agreement would create around $10 of upside risk
- Citi sees tighter oil market following OPEC+ decision to gradually return output
- Global inventories are forecasted to drop by 700 MBbl/d more than previously estimated due to Sudi's move to return production in monthly increments
- The bank had expected Saudi Arabia to fully reverse its supplementary 1 MMBbl/d cuts in May
- Markets should tighten even more than previously expected as seasonal product demand is expected to ramp up over the next 45 days, before any increase in OPEC+ output - Citi
- Global inventories are forecasted to drop by 700 MBbl/d more than previously estimated due to Sudi's move to return production in monthly increments