- Russia continued to be China's top oil supplier in June as Chinese buyers profited from lower-priced supplies (BBG)
- Russian ESPO oil is being offered at a discount of $10 to $12/Bbl to competing varieties from Brazil
- Russian supplies to China in June were at 1.77 MMBbl/d which is below May's record of close to 2 MMBbl/d
- China and India are still willing buyers of Russian petroleum, and U.S. Treasury Secretary Yellen is currently traveling Asia to encourage consideration of a price cap on Russian oil to keep revenue in check while maintaining stable supplies
- President Biden today will announce an executive action to address climate change today at an event in Massachusetts
- The emergency action the White House is considering among others would entail broad executive authority to divert funding to clean-energy construction, restrict drilling, and curb fossil fuel use
- Biden will reportedly announce plans to redirect federal funding to communities facing hot temperatures but is holding off for now on declaring climate change a national emergency