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The U.S. sees limited domestic oil production growth through next year despite rising oil prices and rebounding demand.

Global oil demand will recover to pre-pandemic levels late next year, the International Energy Agency predicted, urging OPEC and its allies to keep markets balanced by tapping their plentiful spare production capacity.

From bustling U.S. airports to surging demand for gasoline, all signs from this past Memorial Day weekend reaffirm the oil market’s bet that Americans will be out traveling in force this summer.

Global oil demand may rebound to levels seen before the pandemic in a year, the International Energy Agency said, signaling a speedier recovery than its previous estimates.

Oil rose toward $64 a barrel, a year to the day after futures for the U.S. benchmark collapsed below zero, with the world’s most important commodity extending its rally on bets for better demand.

The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers.

The Permian Basin, the most prolific shale patch in the U.S., will produce crude oil at levels not seen since the start of the pandemic in the latest sign the global economy is heating back up.

Oil rallied to the highest in nearly two years in New York after OPEC+ shocked markets with a decision to keep supply limited as the global economy starts to recover from the pandemic-driven slump.

Jennifer Granholm used her first speech as U.S. energy secretary to warn oil and gas companies they risk being left behind unless they embrace a transition to cleaner sources of energy, while offering them an opportunity to partner with the new administration.

Oil set a fresh one-year high in New York with continued producer supply curbs helping spur strength everywhere from physical markets to the futures curve.