- Shanghai reinstated temporary lockdowns this weekend to conduct mass testing in various districts of the city
- It encompasses nearly all the city's 25 million residents, and lockdowns may be extended if additional cases are discovered
- Analysts believe that if lockdowns persist, the road to oil demand recovery could be bumpy
- Oil supply disruptions in Libya are becoming more severe as the country's political situation worsens
- Protesters blockaded the 200 MBbl/d Sarir field and the 250 MBbl/d Es Sider port, shutting down more than half of Libya's oil production
- According to S&P Global's Platts OPEC+ survey, the country's output plummeted to a 16-month low of 770 MBbl/d in May, much below its current capacity of 1.2 MMBbl/d