- New COVID-19 infections in India surpassed 100k/d for the first time, spurring new lockdown measures
- The new resurgence in infections has forced the capital city of Maharashtra, Mumbai, to impose new lockdowns as the western state accounts for nearly 60% of all India's new cases
- India is the world's third-largest oil importer and consumer
- Iran exports of crude, condensate, and oil products could easily reach 1.5 — 2.0 MMBbl/d in the coming months, according to Facts Global Energy Group (FGE)
- China has been the primary buyer thus far, snapping up the heavily discounted crudes despite U.S. sanctions
- China's import statistics show very little volumes from Iran, but large increases in Oman are inconsistent with its export statistics, implying Iran may be circumventing crude through the country to avoid U.S. sanctions
- Suez Canal authorities say the backlog of ships has been cleared (Bloomberg)
- 422 vessels have passed through the canal since the downed tanker was cleared on March 29
- AEGIS notes, prices have been undeterred by the Canal blockage. Since the vessel was freed, market participants have focused on the OPEC+ meeting, and increasing COVID-19 infection in Asia and Europe