U.S. industrial production increased 1.4 percent in Murch.

Russia outlined protection of its market share in the international market as one of its main goals for 2021.

In 2021, world oil demand growth is expected to increase by about 6.0 mb/d y-o-y, representing an upward revision of about 0.1 mb/d from last month’s report.

Higher prices are buoying drillers’ confidence. Benchmark Nymex oil gained nearly 35% in the past four months after OPEC and its alliance cut production to strike a balance between demand and supply. The fossil fuel is also getting a bump as Covid-19 vaccinations progress and Americans travel again, boosting gasoline consumption.

The state-owned Indian power utility NTPC has registered a +8.2% increase in electricity production in 2020/21 reaching 314 TWh (April 2020 to March 2021).

The OPEC+ alliance will raise its collective output caps by 350,000 b/d in May, another 350,000 b/d in June, and 441,000 b/d in July.

Faltering oil prices in recent days after a weeks-long surge to around $70/b have many analysts forecasting that the OPEC+ group of producers may largely roll over their quotas for at least another month.

Preliminary production figures for January 2021 show an average daily production of 2 137 000 barrels of oil, NGL and condensate.

U.S. industrial production decreased 2.2 percent in February.

U.S. crude oil production averaged 11.3 million barrels per day (b/d) in 2020, down 935,000 b/d (8%) from the record annual average high of 12.2 million b/d in 2019.