Since oil prices exceeded $70 per barrel earlier this year, analysts, economists, and central banks have been fretting about whether higher crude prices could disrupt the momentum in global economic recovery from the pandemic.

About 90 percent of the work on the Iran nuclear deal has been done, but the 10 percent that remains might prove a tough nut to crack. That’s according to the permanent representative of Russia at Vienna international organizations.

The odds of an OPEC+ meeting this week look increasingly unlikely as the group has failed to make progress in resolving the differences between key OPEC members Saudi Arabia and the United Arab Emirates (UAE), which resulted in a failure to decide future production levels last week, sources at OPEC+ told Reuters on Monday.

How COVID-19 Triggered The Mother Of All Oil Crises

Brent Crude spot prices are set to average $68.78 per barrel this year, the U.S. Energy Information Administration (EIA) said in its latest monthly outlook, significantly raising its oil price projections for both 2021 and 2022, expecting continued demand recovery.

Crude oil demand will rebound to pre-pandemic levels by the first quarter of 2022, according to Wayne Gordon, executive director of commodities and forex at UBS Global Wealth Management.

Way back in March, a veritable eternity ago if you measure by the daily news cycle, Oilprice reported that high oil prices were coming down the pike, and while oil execs celebrated their long, painful comeback, consumers would be the ones to pay the price at the pumps. And now, at long last, that prophecy is coming to pass in full force.

Oil prices fell for a third day in a row early on Thursday as uncertainty coming from the OPEC+ deadlock and fears of COVID variants spreading fast weighed on the market.

U.S. shale oil producers have suffered billions in losses from hedging their output at lower than current prices, the Financial Times reported today, citing data from IHS Markit.

After seven consecutive weeks of gains, oil prices have gone into reverse gear once again, thanks mainly to the latest OPEC+ spat that left everyone wondering what to expect next. Major cracks appeared in the ministerial meeting with the United Arab Emirates continuing to block an agreement because it wants to increase its oil production b​efore demand falls as per WSJ. The market fears that the UAE might "want out of OPEC so it can pump 4M bbl/day and make hay while the sun shines," Phil Flynn, market analyst at Price Futures Group, has told MarketWatch.

Crude oil prices rose higher today after the Energy Information Administration reported an inventory draw of 6.9 million barrels for the week to July 2.

At mid-year 2021 we find that we are in an unsettled state with respect to crude supplies. Of the three largest contributors to global supply, the U.S.A., Russia, and OPEC+ (Russia is the “+” in OPEC+), all capable of producing more than 10 mm BOPD, we find that it is OPEC+ in a bit of disarray. With the world now in deficit status with regard to oil production and demand by 2-3 mm BOEPD, there is little room for error.