Oil and gas prices jumped on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and allied producers said on Thursday that they would extend production cuts into April.

The big picture: Oil is being driven by the production cuts of OPEC, a consortium of the world's largest producers, and expectations for a rebound in global demand as more countries emerge from coronavirus lockdowns.

ExxonMobil said Wednesday that its oil-and-gas development plans will create good returns even at modest oil prices as the company looks to win back investor confidence after several rocky years.

Driving the news: The company, just ahead of an investor presentation this morning, said its investments are designed to generate returns of over 30% and touted its spending reductions.

The American Petroleum Institute is preparing to endorse, in principle, a price on carbon emissions, according to a draft statement first reported by the Wall Street Journal.

Why it matters: The endorsement of carbon pricing, which API said in its draft statement would "lead to the most economic paths to achieve the ambitions of the Paris Agreement,” would signal an evolving climate stance from the oil industry's top lobbying group.

ExxonMobil Monday morning announced two additions to its board as the oil giant faces pressure to boost financial performance and do more on climate.

Driving the news: Activist investor Jeffrey Ubben and Michael Angelakis, CEO of the investment company Atairos and a former senior Comcast Corp. official, are the board's two newest members.

Over the past two years, electric vehicle and emerging renewable technology stocks have soared as investors priced in the transition away from fossil fuels, but so far in 2021 that narrative has reversed.

By the numbers: XOP, an ETF that tracks the largest U.S. oil and gas companies, has gained nearly 40% so far this year as oil producers like Diamondback Energy and Occidental Petroleum have seen their shares jump by more than 50%.

The VC arms of Chevron and BP are funding Eavor, a startup looking to commercialize a form of geothermal energy that it says can provide large-scale power in many regions worldwide.

Why it matters: It's the latest sign of momentum and investor interest behind technology that could significantly scale up geothermal.

The effects of President Biden's restrictions on oil-and-gas leasing and permitting on federal lands and waters will be limited in the near term, the International Energy Agency said Thursday.

Driving the news: IEA's monthly oil market report says it doesn't see a "material impact on U.S. production in the short term."

Oil demand is slated for a large bounce-back from the pandemic that will tighten the market a lot, but it's going to take a while, the International Energy Agency said.

Why it matters: "The rebalancing of the oil market remains fragile in the early part of 2021 as measures to contain the spread of COVID-19, with its more contagious variants, weigh heavily on the near-term recovery in global oil demand," IEA said in its monthly oil market analysis today.

Royal Dutch Shell said Thursday that its oil production peaked in 2019 and is expected to decline by roughly 1%-2% annually as the company diversifies into lower-carbon energy products and business lines.

Why it matters: It signals how some of the world's most powerful oil-and-gas companies are positioning themselves for a world taking climate change more seriously and responding to calls from investors and activists to do more.

The huge multinational oil-and-gas company Total on Tuesday unveiled new information about its diversification efforts — and the company's changing its name too.

Driving the news: Total said over 20% of its expected $12.1 billion in net spending in 2021 will be devoted to renewables and other electricity-related investments.