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Asia's imports of crude oil are on track for a strong rebound in May as the region's two biggest buyers, China and India, suck up Russian cargoes.
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Iranian President Ebrahim Raisi told the secretary general of OPEC on Saturday that he hopes oil producers can calm down the market, calling for the unity of OPEC members, Iranian media reported.
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OPEC Secretary General Haitham Al Ghais said on Monday that underinvesting in the oil and gas sector could cause market volatility in the long term and imperil growth.
Oil production in Iraq's Kurdistan region continues to drop as export flows to Turkey's Ceyhan port show few signs of restarting after a stoppage that has lasted almost two months.
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Russian President Vladimir Putin said on Wednesday that oil production cuts were required to maintain a certain price level, contradicting assurances from other leaders of the OPEC+ group of producers that it was not seeking to manage the market in that way.