- Delta COVID variant prompts countries across the Asia-Pacific region to shut down and impose stay-at-home orders
- The variant is affecting countries from Australia and Bangladesh to South Africa and Germany
- The restrictions are laxer than earlier in the pandemic, as most countries have restricted travel from high-risk countries with an unvaccinated population
- OPEC’s joint technical committee (JTC) forecasts 2H2021 oil demand will be 5 MMBbl/d higher than in 1H2021
- The June Monthly Oil Market Report (MOMR) estimated that crude demand would grow by 6 MMBbl/d in 2021
- The cartel is reportedly eyeing a 500 MBbl/d increase in supply, though they have not reached a consensus
- The Ministerial Meeting will take place on July 1