- Oil fell to its lowest level since March
- WTI futures saw a nearly 6% slump on Monday to $101
- Chinese COVID-19 lockdowns persist and are threatening demand in addition to concerns of increasing recession risks and a strong US Dollar
- Hungarian demands stall the EU’s efforts to ban Russian oil
- The Hungarian Prime Minister’s talk with the EU heads made progress but didn’t reach a breakthrough
- “We made progress, but further work is needed.” said EU Commission President Ursula von der Leyen
- Further talks are due on Tuesday and unanimous approval of all 27 member states is required for the EU sanctions
- EU to soften sanctions by not banning EU owned vessels shipping Russian crude (BBG)
- The oil ministers of Saudi Arabia and the UAE have warned that underinvestment is reducing spare capacity in all energy sectors
- Fuel costs have risen to a new high in the United States, prompting these remarks
- Average gasoline and diesel prices in the US hit a record-high $4.374/gal and $5.550/ gal this week
- Both the nation's ministers, however, stated that the market is already balanced and that OPEC+ does not need to boost its monthly production increases of 400k MBbl/d