The balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”

Certification by the Indian Register of Shipping (IRClass), one of the world's top classification companies, provides a final link in the paperwork chain - after insurance coverage - needed to keep state-owned Sovcomflot's tanker fleet afloat and delivering Russian crude oil to overseas markets.

The Indonesian state-owned oil and natural gas company Pertamina released its results for 2021, posting a total revenue of US$57.5bn (+39% compared to 2020) and a profit of US$2.2bn

Brent fell $1.3, or 1.2%, to $110.40, WTI fell $1.4, or 1.3%, to $104.78 a barrel.

The price of OPEC basket of thirteen crudes stood at $111.00 a barrel

Brent dropped $3.87, or 3.4%, to $110.78 a barrel, WTI were off lows but still down $4.04, or 3.7%, to $105.48 a barrel.

The final boost will come in August. By then, OPEC+ will be running out of spare production capacity.

Brent rose $1.23, or 1.1%, to $115.36 a barrel, WTI rose $1.57, or 1.4%, to $111.13.

The price of OPEC basket of thirteen crudes stood at $113.54 a barrel

Although there are still some Russian crude supplies tied to quarterly and half-yearly term contracts, South Korea will eventually halt Russian oil purchases