- India's May oil imports, refinery runs reveal the full impact of COVID resurgence on oil demand - Platts
- India's surge in COVID-19 cases began in early April, though the number of regional lockdowns started to increase only towards the latter part of the month and early May
- The market is gaining a better understanding of the impact COVID-19 had on domestic oil demand, with the country's NOC saying that its gasoline and diesel sales had fallen by around 15%-20% thanks to the latest wave
- World powers will convene today for the fifth round of negotiations to revive Iran nuclear deal
- Ali Rabiei, a spokesman for the Iranian government, said, "we're optimistic that some small details and operational affairs will be resolved in the not-so-distant days ahead."
- The extension of a key nuclear monitoring pact by Iran has given parties an additional month to negotiate and try and reach a consensus
- AEGIS notes that Iran still poses the largest near-term risk to oil prices
- PEMEX purchases 50% stake at Shell's Deer Park refinery
- PEMEX originally bought half of the refinery in 1993 for over $200 million
- The transaction will be fully financed by the Mexican government and is scheduled to close in 4Q2021