OPEC+ Group stated to start production ramp up as optimism builds with regards to the annual demand cycle and consumption levels.There is sufficient energy security within Russia.The lifting of the Libyan Oil Embargo,Saudi production data and Chinese stimulus is the canary in the coal mine.

Brent gained 80 cents, or 1.08%, to $74.70 a barrel, WTI gained 85 cents, or 1.21%, to $70.95.

Brent leapt $1, or 1.36%, to $74.56 a barrel, WTI spiked $1.07, or 1.53%, to $70.9.

Brent edged up 7 cents, or 0.1%, to $71.77 a barrel, WTI gained 8 cents, or 0.12%, to $68.25.

Global oil demand is now expected to grow by 0.9 to 1.2 million barrels per day (mbpd) in 2024, down from previous estimates of 1 to 1.3 mbpd, as per the poll.

"We can live through any price," Novak told Al Arabiya News in an interview published on Monday.

Brent increased 51 cents, or 0.71%, to $72.49 a barrel, WTI added 43 cents, or 0.63%, to $68.61 a barrel.

"There is no peak demand on the horizon," OPEC Secretary General Haitham al-Ghais said in the organization's World Oil Outlook, which sees global thirst for liquid fuels increasing from 102.2 million b/d in 2023 to 120.1 million b/d in 2050, "with the potential for it to be higher".

Energy ministry expected Russia to produce 540 million metric tons of oil in 2030 (10.8 million barrels per day), up from 531 million tons in 2023.

The shift in thinking represents a major change of tack for Saudi Arabia, which has led other Opec+ members in repeatedly cutting output since November 2022 in an attempt to maintain high prices.