보기: Market Movers Europe, May 30-June 3: EU leaders meet to grapple with energy security as Ukraine crisis drags on

In this week's highlights: EU ministers are gathering for a special European Council meeting to continue discussions on achieving energy independence from Russia as the Ukraine crisis continues to dominate events across commodities markets.

But first to oil, where OPEC+ holds its regular monthly meeting on Thursday to decide on production plans. The producer coalition is thought likely to stick with its scheduled quota increases in the face of pressure from consumers to pick up the pace and help bring prices back down.

The market continues to weigh up expected Russian supply losses on the one hand against demand destruction from high prices and the speed of China's recovery from it latest COVID lockdowns on the other.

Meanwhile there are question marks over the end of the OPEC+ agreement first implemented in response to the pandemic, with the quota system due to expire by September.

On Russia, Deputy Prime Minister Alexander Novak last week warned of a 5-8% drop in the country's oil output this year, ahead of EU ministers gathering in Brussels for a special meeting to discuss Ukraine, defence, energy and food security. The debate over a potential Russian oil embargo will be watched closely, with Hungary's opposition a key sticking point.

As well as reviewing the phasing out of Russian fossil fuel imports, EU leaders address the EC's REPowerEU plan. Accelerating wind and solar permitting is key to the plan, so news on that will be closely watched for.

And that takes us to our social media question for the week: Will the EU go beyond warm words on renewables while so focused on the cost-of-living crisis and security of supply? Tweet us your thoughts.

Back to Russia, and concerns over immediate disruptions to gas flows from the major exporter seem to have eased a little, with European gas prices trending mostly downward.

The Kremlin has signalled it will strive to ensure uninterrupted supplies to Italy, one of Gazprom's biggest export markets, under the prices fixed in the contracts.

Italy's main importer Eni said it had begun the process of opening current accounts at Russia's Gazprombank after a request from Gazprom Export to amend the supply contracts to take into account Russia's new gas payment procedure.

Poland, Bulgaria, and Finland have had their gas supplies from Russia halted after refusing to comply with the terms of the new payment mechanism.

Meanwhile, worries over Russian supply are set to focus attention on this year's Baku Energy Forum, taking place Thursday to Friday, as Europe looks to secure more energy supplies from Azerbaijan.

In Germany, top of the agenda at the BDEW congress in Berlin on Wednesday – where Chancellor Olaf Scholz and energy minister Robert Habeck are due to address energy leaders -- will be the government's proposals for a possible return of old coal plants to the market. S&P Global data shows coal-firing already up 20% year on year across Europe's five major power markets.

And finally, the shipping industry is preparing for the return of the Posidonia conference in Greece after a four-year absence. The exhibition will commence on June 6, bringing together global players in the industry, where we expect the ever-more pressing topic of shipping decarbonization to take center stage.

The Platts Atlas of Energy Transition is your map to the sustainable commodity markets of the future. You can explore the Atlas by visiting the address displayed on your screen.

Thanks for kicking off your Monday with S&P Global Commodity Insights!