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* Asia is breathing a sigh of relief amid growing expectations that the move by the OPEC-led alliance to boost supplies as well as sustained releases from the US strategic reserves will finally help to clear the uncertainty over cargo availability and rectify the mismatch between global demand and supply.

* With China's demand recovering after lockdowns and the rest of Asia pushing to reopen their economies, analysts said the incremental supplies should provide breathing space to refiners at a time when they are scouting for clarity on how the EU insurance ban on Russian cargoes might affect cargo flows.

* According to Platts Analytics, the decision by OPEC+ to raise quotas by 648,000 b/d for July and another 648,000 b/d for August -- about 50% higher than the recent monthly increases -- will be music to the ears of global refiners as they head into the summer driving season in the northern hemisphere.
"Specifically for Asia, refiners will be looking to import more crudes as demand is expected to rise by 2 million b/d in the third quarter compared with the second quarter," said Lim Jit 

* Yang, advisor for Asia-Pacific oil markets at Platts Analytics. "US SPR releases are also helping to ease the oil supply and demand balances, adding about 0.8 million-1 million b/d of supply in recent weeks," he added.

* Major Asian crude importing nations including India, South Korea, Japan and Thailand have indicated that OPEC+ producers are still raising output at a slower-than-desired rate. The increase would nevertheless prompt Asian refiners to sharply raise their term Middle Eastern crude intake as they continue to maximize operating rates to fully capture lucrative middle distillate cracks, especially for diesel and jet fuel.

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