- WTI trades near $120/bbl, its highest level in nearly three months
- Saudi Arabia raised the July price of its key Arab Light crude grade for Asian consumers by $2.10/Bbl, bringing it to $6.50/Bbl over the benchmark, the highest since May
- The move comes as China, the world's largest crude importer, cautiously emerges from COVID lockdowns, signaling a rebound in Chinese oil demand
- The kingdom also raised prices for all grades for the Mediterranean and NW Europe regions. U.S. customers' prices remained unchanged for the second month in a row
- India is in talks with Rosneft about increasing its purchases of heavily discounted Russian oil (BBG)
- State-owned refineries are working together to finalize and secure new six-month supply contracts
- Russian oil exports to India increased to 740 MBbl/d in May, up from 284 MBbl/d in April and 34 MBbl/d a year ago, according to Kpler