Goldman Sachs on Wednesday said they no longer expect OPEC+ to announce a partial unwind of voluntary production cuts in June.

Goldman Sachs said they no longer expect OPEC+ to announce a partial unwind of voluntary production cuts in June. T he bank said inventories have recently surprised to the upside, and as a result, their model now estimates only a 37 per cent chance of a production increase decision in June.

Crude oil futures rise on unexpected drawdown in US stockpiles and increased demand from China, but concerns remain about US gasoline demand.

Iraq is committed to voluntary oil production cuts agreed by the Organization of the Petroleum Exporting Countries (OPEC) and is keen to cooperate with member countries on efforts to achieve more stability in global oil markets,

Former Pioneer Natural Resources Chief Executive Scott Sheffield attempted to collude with representatives of the Organization of the Petroleum Exporting Countries to coordinate production and raise oil prices,