Saudi Arabia's exports of crude in May rebounded from April's 10-month low, figures from the Joint Organizations Data Initiative showed, as the kingdom began to gradually unwind a voluntary extra 1 million b/d production cut with global oil demand perking up.

The decline seen at the start of this week in global oil prices will likely guide bunker markets in the Americas after days of uncertainty and mixed behavior in most regions, where local fundamentals prevailed over international influences.

Catastrophic flooding in Germany, Belgium and the Netherlands over the last week has caused transport and production disruption in the Rhine valley, a major shipping route for commodities in Northern Europe.

The combination of the OPEC+ deal to hike production volumes this year and throughout 2022 combined with rising COVID-19 fears and a Wall Street selloff to send crude prices plunging to their lowest levels since May.

Fedun said he did not see climate change policies as a risk to Lukoil's activities, but they are likely to lead to an increase in OPEC's share of the global oil market.

The new terminal, whose construction took six years, walks around the chock point of Strait of Hormuz. Iran's main exports terminal is on the Kharg island in the Persian Gulf.

**Logistical complications continue **Bunkering has continued throughout the situation

0.5% bunker demand has been slow in European markets on the week ending July 16, with one trader attributing this to the "summer slump". Availability has been good across all ports.