International Energy Agency (IEA) chief Fatih Birol said the global oil market will see supply shortages in the second half of this year. The Organization of the Petroleum Exporting Countries (OPEC) pointed to the risks of a decline in oil demand in the summer.
The IEA maintained its forecast for global oil demand growth in 2023 at 2.3 million barrels per day. On April 2, the OPEC Plus alliance announced a decision to voluntarily reduce oil production by 1.66 million barrels a day.