Crude oil prices plunged nearly 5% to sub-USD 67 per barrel on Monday, a five-week low, due to concerns over China’s weakening demand and increased Russian oil supply, which eclipsed Saudi Arabia’s output cut plans. Despite the EU’s embargo and G7’s price cap, Russian oil exports to China and India soared to unprecedented levels in May. Meanwhile, Saudi Arabia, the world’s leading oil exporter, plans to curtail output by one mln barrels per day to nine mln bpd in July, the lowest in years, aiming to stabilize crude prices.