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 EU relied on Russia for as much as 40% of its gas needs before the war - rising to 55% for Germany - leaving a huge gap to fill in an already tight global gas market.

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

Brent rose 42 cents, or 0.4%, to $113.54 a barrel, WTI was at $109.85 a barrel, up 29 cents, or 0.3%.

The price of OPEC basket of thirteen crudes stood at $118.97 a barrel

Non-sanctioning countries including India and China have significantly increased imports of Russian oil since the invasion began Feb. 24, taking advantage of major price discounts.

Crude imports rose 55% from a year ago to 8.42 million tons, with Russia overtaking Saudi Arabia as China’s main source of oil, according to customs data released on Monday.

Supply is likely to remain curbed with Gazprom PJSC’s chief Alexey Miller warning there’s no solution for now for issues with the gas turbines essential for the functioning of the pipeline.

Just when it didn’t seem things couldn’t get worse — gasoline at $5 to $8 a gallon, supply shortages in everything from baby formula to new cars — comes the devastating news that many of us will endure electricity blackouts this summer.

U.S. Rig Count is up 7 from last week to 740, Canada Rig Count is up 15 from last week to 156.

Brent was up $1.13, or 0.9%, to $120.94 a barrel, WTI gained $1.03, or 0.9%, to $118.62.

The price of OPEC basket of thirteen crudes stood at $119.24 a barrel

Prince Abdulaziz bin Salman met Deputy Prime Minister Alexander Novak on Thursday at the St. Petersburg International Economic Forum, a flagship conference that almost all Western officials and business executives are avoiding this year following Russia’s invasion of Ukraine.