With global oil demand set to moderate in the first quarter of 2024, the OPEC+ alliance appears set to extend its production cuts, though the duration is yet to be determined, analysts say. As well, deeper cuts could be considered, some OPEC+ officials have hinted.

Brent were down $1.04, or 1.3%, at $80.92 a barrel, WTI dipped 90 cents, or 1.2%, to $76.20.

China, which has been promoting the yuan’s use in transactions with major energy and commodity exporters, is Saudi Arabia’s biggest trade partner.

Following the invasion of Ukraine, things couldn’t be more different, with countries looking to nuclear power as a source of low-carbon power that can diversify their mix from intermittent renewable energy and imported fossil fuels.

Brent rose 11 cents, or 0.1%, to $82.56 a barrel, WTI rose 14 cents, or 0.2%, to $77.91.

Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna.

The European Commission hopes to introduce a "requirement for attestations to also include itemized ancillary costs, such as insurance and freight," on top of a declaration on the price paid for the Russian oil.

The world oil demand growth forecast for 2023 is revised up marginally from the previous month’s assessment to 2.5 mb/d.

Brent were up 10 cents, or 0.1%, at $77.52 a barrel, WTI was nearly flat at $72.95.

Oil ministry officials said India diversified its sources to import crude from as many as 39 nations and hoped the return of OPEC member Venezuela would add to the country's list of steady suppliers.