- Crude processing in China fell to its lowest level in nearly two years (down 10%) in April, as COVID lockdowns reduced fuel demand
- Chinese industrial output and consumer spending have decreased by 2.9% and 11.1% Y-o-Y in April
- Shanghai is getting closer to the goal of easing the COVID restrictions, as it reports no new cases for two consecutive days
- China’s apparent oil demand i.e., oil processing volume and net imports of petroleum oil fell 6.7% to 12.09 MMBbl/d in April (BBG)
- EU members are meeting in Brussels today to discuss additional Russian sanctions, as some members propose delaying an oil embargo in response to Hungary's objections
- Germany announced plans to ban Russian oil by the end of the year if the EU fails to implement a full embargo
- Russia's share of German crude consumption has already dropped to 12% from around 35% prior to the Ukraine conflict, according to the Berlin Economy Ministry
- Efforts are being made to close deals with alternative suppliers and EU foreign ministers hope to secure Hungary's support on Monday