OPEC should consider re-introducing individual output quotas, shuffled quietly to one side in 2008, to prevent oversupply hitting prices should Iran increase its oil exports following a deal over its nuclear work, an OPEC delegate said.

OPEC boosted its production to 30.72 million barrels per day in March, the group’s highest monthly output since November 2012.

Crude oil prices for May delivery climbed for a sixth consecutive day on both New York and London markets Apr. 16, which analysts attributed to signs of a possible slowing in US oil production.

U.S. Rig Count is down 34 rigs from last week to 954, with oil rigs down 26 to 734, gas rigs down 8 to 217, and miscellaneous rigs unchanged at 3.

U.S. shale well productivity rates should keep ticking up in May although total production will fall by 57,000 barrels per day, according to a new report by the U.S. Energy Information Administration.

The U.S. government would get a larger share of oil and gas revenue from federal land under a proposal the Interior Department is expected to announce on Friday.

Germany-based Wintershall revealed a plan Wednesday to significantly ramp up its presence and production in the North Sea.

In its April Oil Market Report, the International Energy Agency raised its forecast of 2015 global oil demand by 90,000 b/d to 93.6 million b/d, a gain of 1.1 million b/d on the year and a notable acceleration of the 700,000-b/d growth in 2014, as the global economy slowly gains momentum. Colder-than-year-earlier temperatures in most Organization for Economic Cooperation and Development economies in this year’s first quarter also accounted for part of the upward revision.

U.S. show the potential to eliminate net energy imports sometime between 2020 and 2030. This reflects changes in both supply and demand, as continued growth in oil and natural gas production and the use of renewables combine with demand-side efficiencies to moderate demand growth. The United States has been a net importer of energy since the 1950s.

According to annual reports for 75 global oil and natural gas companies, oil proved reserve additions totaled 10.4 billion barrels in 2014, the lowest since 2010.