The main events by the morning: May 6

• Oil prices are rising after falling to lows since February 2021. Brent rose to $61.50 per barrel after falling to $58.90. The fall in prices triggered OPEC+ 's decision to further increase production. Eight countries of the alliance, which voluntarily limited production by 2.2 million barrels per day in 2023, decided to increase quotas by 411 thousand barrels per day starting in June, and this is the second accelerated increase in a row.

• The European Commission intends to ban new gas agreements with Russia and existing spot contracts by the end of 2025. Some plans of the European Union to abandon Russian gas will be announced today. Legal ideas — in June. By the end of 2027, the EU plans to prepare a legally sound proposal for a complete ban on Russian pipeline gas and LNG. The ban may come into force by 2028.

• The UK is preparing for a military attack from Russia. The country is updating its contingency plans, which were last edited in 2005. The new plan will outline a strategy for the first days after the attack on the UK mainland. 

• Australia intends to diversify its export markets in the face of tariffs, including through the development of trade with China. The country's authorities believe that Trump's current tariff policy is «tougher» compared to his previous term, and the duties imposed on Australia are «unfair and unjustified.» Today, China is Australia's largest trading partner, accounting for 26% of the country's total trade.

• Trump signed an executive order ending funding for research on dangerous viruses, including those like COVID-19. The decree states that virus research poses a threat to the well-being of citizens and research funding must be stopped immediately.