The group of oil producing countries, OPEC+, has pledged oil output cuts amid flagging global oil prices. Following the announcement made on Sunday (4 June) after a meeting of OPEC+ in Vienna, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel in Asia trading on Monday. In accordance with the agreement struck, Saudi Arabia announced that they would cut daily barrel production from 10 million barrels per day (bpd) to 9 million bpd in July, as well as extending their volunatary cut in oil production of 500,000 bpd until December 2024. Russia's 2023 quota currently stands at around 10.5 million bpd, but in 2024 will reduce to approximately 9.3 million bpd, consisting of a reduction of 650,000 barrels per day as well as the voluntary cut of 500,000 bpd. Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel. Global oil prices spiked following Russia's full-scale invasion of Ukraine in February 2022. Since then, however, prices have fallen to pre-February 2022 levels. In an attempt to shore up global oil markets, OPEC+ have announced a couple of rounds of cuts in oil production. In October 2022, OPEC+ agreed to cut production by two million bpd, about 2% of global demand.

The Armenian Prime Minister Nikol Pashinyan and Azerbaijani President Ilham Aliyev met yesterday (1 June) near the Moldovan capital, Chisinau. The meeting took place on the sidelines of the second summit of the European Political Community (EPC), and was chaired by the European Council President Charles Michel. The French President Emmanuel Macron, and German Chancellor Olaf Scholz, were also in attendance. In remarks made following the meeting, President Michel said that they had a “very good meeting”, in which they addressed the topics of connectivity, security and rights, border delimitation, and the peace treaty. Michel announced that they had scheduled a next meeting of the five leaders for 21 July, to take place in Brussels, adding that yesterday’s meeting was “good preparation” for then. “It means that we are working hard, and we intend to support all the positive efforts in the direction of normalisation of the relations,” said Michel.

The second summit of the European Political Community (EPC) is taking place today in Moldova (Thursday 1 June). During the summit, the Armenian Prime Minister Nikol Pashinyan and the Azerbaijani President Ilham Aliyev will meet with European Council President Charles Michel, French President Emmanuel Macron, and German Chancellor Olaf Scholz. The brainchild of Emmanuel Macron, the European Political Community's first summit took place in Prague, in October 2022. The EPC says that it is "a platform for political coordination among European countries across the continent," adding that it "aims to promote political dialogue and cooperation to address issues of common interest and to strengthen the security, stability, and prosperity of the European continent." The EPC says that there are three main topics expected to be addressed by the 47 member states, which include every European country except Russia and Belarus. Those three topics are: joint efforts for peace and security; energy resilience and climate action; and interconnections in Europe for a better connected and more stable continent.

The US Secretary of State Antony Blinken has said that the "time is now" to finalise Sweden's accession to NATO. While both Finland and Sweden applied to join NATO together on 18 May 2022, some two and a half months after the full-scale Russian invasion of Ukraine, Sweden's bid has been held up by objections from Hungary and Turkey. Finland on the other hand became the 31st member of the military alliance on 4 April 2023. Speaking at a press conference in the northern Swedish city of Luleå alongside Sweden's Prime Minister Ulf Kristersson on Tuesday (30 May), Blinken added that Sweden has "taken very significant steps to address very legitimate concerns, and I think in terms of its own qualifications for membership, from day one it was qualified precisely because it’s been such a long-time partner for NATO; of course, the European Union; and with values that are fundamentally the same." Turkey has accused Sweden of being soft on groups that they perceive as terror organisations or consider existential threats, including Kurdish groups such as the PKK, and the Syrian Kurdish militia group, the YPG and its political branch, the PYD. In an attempt to address Turkey's concerns and to persuade Ankara to approve Sweden's bid to join NATO, at the start of May Sweden tightened anti-terrorism laws to include a prison term of up to four years for individuals convicted of participating in an extremist organisation in a way that is intended to promote, strengthen or support the group.