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The U.S. slashed its oil production forecast through next year just as OPEC and its allies begin to rollback their production cuts in the coming months.

Global oil demand will continue growing for another decade but near-term consumption of jet fuel to pre-2019 levels will take “some time”, Vitol, the world’s biggest independent oil trader.

Hedge funds were small buyers of petroleum last week as managers repurchased some short positions after heavy selling and price falls the previous week.

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell.

Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said.

Iran said talks in Vienna on Tuesday aimed at restoring its 2015 nuclear deal with world powers had been “constructive,” but stuck to its demand that the U.S. first remove all sanctions for real progress to be possible.

Iran and world powers began their most serious attempt yet to resurrect a troubled nuclear deal.

State-run refiners in India are looking to buy less crude from Saudi Arabia as demand in the Asian nation is poised to dip amid a resurgence of Covid-19, and relations between the two countries sour over prices.