This week, all eyes are on the G20 energy ministers' meeting on energy transitions. G20 accounts for roughly 60% of global oil production and about 80% of oil consumption. Major themes in focus include the development of carbon recycling technologies as well as LNG.
Another event to watch for is the annual Enmore Tankers Conference in Shanghai next week China, where market participants are expected to provide fresh leads on trends in freight rates and demand and supply of ships. Bunker fuels is also expected to be a hot topic, particularly since the International Maritime Authority's lower sulfur cap regulation is set to be imposed in just six months.
Also on bunkering, market participants are looking forward to the release of Singapore's marine fuel sales volume for May, after sales plunged 12.3% year on year in April. Singapore is the world's top bunkering port.
And still on data watch, China is scheduled to release its trade and production numbers this week. May numbers could serve as indicators of China's appetite for products in the coming months. Oil product exports volumes would also be an indicator of the Asian market balance as China's refining capacity expands.