![World powers are trying to revive a 2015 deal which restricted Iran's atomic activities in return for sanctions relief [File: Michael Gruber/Getty Images]](/wp-content/uploads/2021/06/372457229.jpg?resize=570%2C380)
The landmark accord has been delayed because there are some sticking points, but not an impasse, Iran said.
OPEC
![Almost all Saudi Aramco's payouts go to the Saudi government, which is trying to narrow a budget deficit that widened to 12 percent of gross domestic product last year [File: Ahmed Jadallah/Reuters]](/wp-content/uploads/2021/06/saudiaramco.jpg?resize=570%2C380)
Saudi Aramco may seek to raise $5bn in Islamic bonds to help fund its $75bn dividend commitment, sources tell Bloomberg.
![Despite Tuesday's decision to loosen the crude taps, the OPEC+ alliance led by Saudi Arabia and Russia still faces concerns that renewed coronavirus outbreaks in countries such as India, a major oil consumer, will hurt global demand and weigh on prices [File: Ramzi Boudina/Reuters]](/wp-content/uploads/2021/06/opec.jpg?resize=570%2C380)
Energy ministers on Tuesday confirmed plans to raise production by 2.1 million barrels per day through July.
![Environmental activists hold up banners demanding Shell end investments in fossil fuel next to a Shell petrol station in Prague, Czech Republic, May 19, 2020. The banner reads: 'End of oil, end of Shell" [File: David W Cerny/Reuters]](/wp-content/uploads/2021/06/2020-05-19T000000Z_1821956838_RC2ORG9HRAAX_RTRMADP_3_CLIMATE-CHANGE-CZECH-SHELL.jpg?resize=570%2C380)
With Western oil majors pressured to cut emissions, state-owned oil firms will step in without those expectations.
![Oil prices could climb to $80 by the middle of the third quarter [File: Luke Sharrett/Bloomberg]](/wp-content/uploads/2021/06/372135586.jpg?resize=270%2C180)
Despite COVID-related restrictions in parts of Asia, the market is buoyed by demand from the US and parts of Europe.
![The Organization of the Petroleum Exporting Countries and their allies including Russia, an alliance also known as OPEC+, will meet on Tuesday [File: Angus Mordant/Reuters]](/wp-content/uploads/2021/05/oil.jpg?resize=270%2C180)
Both Brent and WTI were set for a second monthly gain as analysts expect oil demand growth to outstrip supply.
![Ministers from the Organization of the Petroleum Exporting Countries and its allies - a grouping called OPEC+ - are set to meet on June 1 to assess the global market and their production policy [File: Luke Sharrett/Bloomberg]](/wp-content/uploads/2021/05/oilpic.jpg?resize=270%2C180)
The summer outlook for demand looks positive, with some oil analysts surmising the COVID slump could be over soon.
![Crude futures' decline pushed the benchmark to close below its 50-day moving average for the first time since late April, a bearish signal that may invite more sellers into the market [File: Bing Guan/Bloomberg]](/wp-content/uploads/2021/05/OILLLLLLLL.jpg?resize=270%2C180)
Futures fell 2.1 percent in New York, posting a third straight decline in the longest losing streak since March.
![Iran's oil minister Bijan Namdar Zanganeh was at the centre of some of the most dramatic moments in OPEC’s recent history including in mid-2018, when he walked out of a meeting when he felt slighted by Khalid Al-Falih, the former oil minister of Iran’s arch-rival Saudi Arabia [File: Bloomberg]](/wp-content/uploads/2021/05/371799084.jpg?resize=270%2C180)
Iran’s Bijan Namdar Zanganehis the longest-serving oil minister in OPEC.
![PDVSA also estimated that $7.65bn is needed for reviving pipelines, projects for gas injection to oilfields, terminals and refineries that are idled or underperforming due to lack of maintenance [File: Carlos Garcia Rawlins/Reuters]](/wp-content/uploads/2021/05/VenOil.jpg?resize=270%2C180)
State oil firm PDVSA would need $58bn in investment to get back to the levels it was producing in 1998, Reuters reports.
![The United States economy grew 6.4 percent in the first quarter of 2021 on an annual basis, as consumers came out of hibernation with a ton of stimulus money to spend [File: Adrees Latif/Reuters]](/wp-content/uploads/2021/04/gucci.jpg?resize=270%2C180)
THE WEEK IN NUMBERS
UBI in Brazil, Biden’s latest tax hike, and China’s space station
We gather the numbers to know from the week’s biggest economic and business news stories.
![In its statement, OPEC+ 'highlighted the continuing recovery in the global economy' but also noted 'that COVID-19 cases are rising in a number of countries, despite the ongoing vaccination campaigns, and that the resurgence could hamper the economic and oil-demand recovery' [File: Andrey Rudakov/Bloomberg]](/wp-content/uploads/2021/04/371300227.jpg?resize=270%2C180)
World oil consumption will rebound by a vigorous six million barrels a day this year, according to OPEC+ estimates.
![Crude oil imports into China jumped 21 percent in March from a low base a year earlier as refiners ramped up operations [File: Agustin Marcarian/Reuters]](/wp-content/uploads/2021/04/oil-2.jpg?resize=270%2C180)
Analysts worry that pauses on the Johnson & Johnson vaccine could delay economic recovery and limit oil demand growth.
![The 23-nation coalition led by Saudi Arabia and Russia will boost output by 350,000 barrels a day in May [File: Ramzi Boudina/Reuters]](/wp-content/uploads/2021/04/oil.jpg?resize=270%2C180)
OPEC+ agreed to add more than two million barrels a day to global oil supplies from May to July.