Daily average production was up 2% from 10.26 million b/d in March. Total output in March was 43.4 million mt. Increases in month-on-month output volumes in early 2021 reflect gradual increases in Russia's crude production quota agreed under the OPEC + deal from the beginning of the year.

OPEC+ officials said they see no reason to be alarmed, and the group's production is set to rise anyway.

Preliminary production figures for March 2021 show an average daily production of 2 094 000 barrels of oil, NGL and condensate.

The kingdom exported 5.63 million b/d in February, according to JODI data released April 19, down 957,000 b/d from January.

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.