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Here’s what you need to know
OPEC+ will pump more oil. The cartel of oil producing nations and its allies agreed to increase daily production by nearly 650,000 barrels in July and August to relieve pressure on global fossil fuel prices.
China told the US to stop Taiwan trade talks. Beijing said treating Taiwan as a sovereign nation disrupts peace and stability, while the US policy of “strategic ambiguity” toward the island continues to evolve.
Violence in Myanmar drove more than a million people from their homes. A UN report blamed ongoing fighting between the military government that seized power in a 2021 coup and armed resistance groups.
Shanghai’s lockdown didn’t stop the coronavirus. A day after the mass quarantine ended, public health officials found seven new cases of covid in the city, sending some areas back into isolation.
Covid vaccines will be approved for US kids under 5. White House officials expect American health regulators to OK doses for tots by June 21 after being criticized for delays by anxious parents.
Britain’s Queen Elizabeth II marked 70 years on the throne. The national jubilee began yesterday, but the Queen won’t attend a church service today after experiencing discomfort.
What to watch for
Today marks the 100th day since Russia invaded Ukraine. Here’s the conflict, by the numbers.
12 million: Ukranians who have become refugees inside their own country. A further 5 million have fled entirely.
30,000: An imprecise estimate of Russian soldiers killed in the war; more than 5,000 Ukrainian soldiers are estimated to have been killed.
1/5: Amount of Ukraine currently held by Russia. President Volodymyr Zelenskyy wants to restore Ukraine’s pre-war borders, but it’s not clear whether his allies will wait that long.
749: Tanks estimated to have been lost by Russia in the conflict, as modern tech like drones collided with a poorly-prepared Russian army.
+28%: Change in the value of the Russian ruble against the dollar; while unprecedented sanctions initially crushed the currency’s value, they also allowed Moscow to prop it up.
+24%: Change in European crude oil prices as sanctions and embargoes limited Russia’s contribution to global fossil fuel markets.
$600 billion: An early estimate for the cost of post-war reconstruction in Ukraine.
Some good news for EV makers
One of the biggest stumbling blocks for the widespread adoption of electric vehicles is the shortage of metals used to make EV batteries. But EV makers got a kernel of hope from a May 29 Goldman Sachs research note predicting that battery metal prices will crash over the next two years as a surplus reins in skyrocketing costs.
The respite probably won’t last. Global consumption of battery metals will only keep rising, the analysts predict, and by the end of the decade demand will catch up with supply and push prices up again.
The future of fitness
Peloton is spinning out. Marathon sign-up forms and gyms are filling up. Is the at-home workout movement that boomed during the pandemic on its last legs?
Industry insiders say that while a shift is happening, it’s exaggerated, and consumer preferences will eventually land closer to a midpoint that’s more about flexibility than location.
✦ This week’s Forecast email looks at the convergence of the at-home and in-person exercise industries. Only members can access the Forecast, but you can take 40% off membership today when you sign up (don’t worry, we’re a lot less judgy than the gym).
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Calling all Elizabeths! In celebration of the Queen’s Platinum Jubilee, one UK cinema chain is offering free tickets this weekend to anyone named “Elizabeth” (variations on the name included).
Tweety bird is joining the blockchain. Warner Bros. is turning the cartoon character into an NFT as part of a project called “Looney Tunes: What’s Up Block?”
Japan welcomed Ukrainian sumo wrestlers. The athletes are finding it increasingly unsafe to train in their country ahead of the World Games in July.
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Our best wishes for a productive day. Send any news, comments, your favorite variation of Elizabeth, and digital Bugs Bunny art to email@example.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Tim Fernholz, Julia Malleck, and Morgan Haefner.