Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule.

"The EU's decisions to partially phase out Russian oil and oil products, as well as to ban the insurance of Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," the Russian Foreign Ministry said in a statement.

Asia is expected to account for about 40% of global incremental crude runs in 2022, with the US and Europe accounting for about 30% and 18%, respectively.

Brent was down $2.07, or 1.8%, at $114.22 a barrel, WTI dropped $2.21, or 1.9%, to $113.05 a barrel.

The price of OPEC basket of thirteen crudes stood at $122.94 a barrel on Tuesday,

Meanwhile those with spare capacity – primarily Saudi Arabia and the UAE – have held off on breaching their quotas to maintain OPEC+ unity rather than spark a market share battle.

The Brent contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%, WTI rose 37 cents, or 0.3%, to $115.04 a barrel.

Oil still posted its longest run of monthly gains in more than a decade.

Brent rose $2.31, or 1.9%, to $123.98 a barrel, WTI crude was trading at $119.34 a barrel.

The price of OPEC basket of thirteen crudes stood at $120.01 a barrel on Monday