OPEC+ delegates said they expect an advisory committee of ministers to recommend keeping oil production levels unchanged when they meet next week. This is amid a tentative recovery in global demand.

Vortexa Ltd. and Kpler, two well-known shipping analytics firms, the Persian Gulf country’s oil exports climbed to about 1.3 million barrels a day in November, and last month held near the highest in four years.‍ FGE, an energy-market consultant, has forecasted that Iran could potentially increase its shipments of crude and refined products by up to 200,000 barrels a day in 2021. This would be a significant increase from previous years, and could have a major impact on the global energy market.

OPEC's forecast for global oil demand and economic growth remains largely unchanged, although the organization sounded a note of caution about China's prospects for this year.

As the world increasingly turns to renewable energy sources, the potential for disruptions in the global supply chain is growing.

Sultan al-Jaber, who was recently chosen by the United Arab Emirates to preside over the COP summit this year, has stated that the world is far from achieving its climate goals. This is a major problem that needs to be addressed urgently.