The price of OPEC basket of thirteen crudes stood at $111.09 a barrel

"OPEC+ is not going to change the plans at this month's meeting," an OPEC+ source said. Four other sources made similar remarks.

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.”

Europe has imported a record amount of LNG so far this year, 60% more than a year ago, helping to keep European prices at the Dutch TTF hub, the European gas benchmark,

By mid-session on June 23, the NYMEX Henry Hub July contract had dropped more than 60 cents, trading around $6.20/MMBtu by 1 pm ET.

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.

This is the third time this month that Pakistan failed to complete an LNG tender for July, and the country’s inability to purchase fuel threatens to exacerbate electricity shortages just as hotter weather boosts air conditioning and power demand.

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

German Economy Minister Robert Habeck will enact the “alarm” phase of the plan when he speaks at 10 a.m. local time Thursday on energy and supply security.

Germany, which relies on Russia for more than a third of its gas supplies, enacted the initial “early warning” phase at the end of March, when the Kremlin’s demands for payment in rubles prompted Germany to brace for a potential cutoff in supply.

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.