- The European Union has agreed to a partial ban on imports of crude from Russia
- The ban on Russian oil imports by sea will be phased in over six months for crude oil and eight months for refined products
- Oil shipments through the Russian Druzhba pipeline to central Europe will be spared until a technical solution is found to meet Hungary's and other landlocked countries' energy needs
- Russia’s seaborne crude exports are flowing unabated (BBG)
- The EU's avoidance of the country’s supplies is driving barrels to travel longer distances to eager customers in Asia, with India being the main market for crude from western Russia
- Thirty four tankers loaded 25 MMBbls from the country's export terminals, according to vessel-tracking data
- This brought average daily flows to 3.58 MMBbls, up 4% from 3.44 MMBbls in the week ending May 20
- China has recorded the lowest number of new COVID-19 infections in almost three months
- Shanghai is set to gradually lift some COVID-19 restrictions that confined most of its 25 million residents to their homes
- Beijing eased certain lockdown measures over the weekend after the city reported lower case counts; public transportation is anticipated to restart in most Beijing districts