-Despite strict COVID restrictions in China, country’s crude oil imports surged roughly 12% in May from a low base a year earlier, easing demand concerns
- Although US-sanctioned Venezuelan oil has brought on table to meet EU states’ crude oil need, country’s oil infrastructure is unlikely to be viable alternative, experts say
- Demand concerns in China, better demand hopes in US ahead of summer driving season and EU efforts to ban Russian oil & gas are factors impacting prices
-China, strictly clinging to zero-COVID policy, is due to ease some restrictions in Shanghai while rising cases in Beijing cast doubts over demand rebound