ICYMI, the Wall Street Journal (gated) reported on a European Union ban on insuring European ships that carry Russian oil that will be phased in:
- the sanctions also include a phased-in ban on insuring European ships that carry Russian oil
- this will have a more meaningful impact on Russian exports as Moscow relies heavily on European insurers and shippers when transporting its oil around the world
The Journal is referring to the deal struck by EU leaders as reported earlier:
- European Union leaders have agreed to some oil being included in further Russia sanctions
- EU's von der Leyen on EU agreement to cut 90% of Russian oil to the EU
Also ICYMI, further oil market developments during the EU and US timezone on Tuesday:
- Oil gains to 12-week highs after EU agrees to ban on Russian oil imports
- Some OPEC members have begun planning for an output increase soon - report
- OPEC May output rose 170k bpd from April - survey
