Russia would look at selling Sokol oil through trading firms to reduce surplus floating stocks in the Pacific. Selling via a trader will help Russia get steady payments, though that will reduce discounts for the buyer,

The International Working Group on Russian Sanctions aims to provide expertise and experience to governments and companies around the world by assisting with the formulation of sanctions proposals that will increase the cost to Russia of invading Ukraine

"Compared to the larger, conventional nuclear power plants, SMRs have several advantages — such as shorter construction time schedules, enhanced safety features and a sounder appeal to private investors thanks to their lower initial costs and shorter development timelines," the commission added.

Brent were down 9 cents, or 0.1%, to $82.77 a barrel, WTI rose 4 cent to $78.07 a barrel.

The global oil demand growth forecast for 2024 remains unchanged from last month’s assessment at 2.2 mb/d.

Brent edged 1 cent lower $81.99 a barrel, WTI rose 1 cent to $76.93 a barrel.

India has remained neutral in the West’s standoff with Russia following the invasion of Ukraine, seeing it as an opportunity to buy discounted Russian barrels.

In a statement, Rosneft’s law firm Malmendier Legal said such an expropriation would be “unprecedented in Germany’s post-war history” and that the Kremlin-controlled company would take “all necessary measures” to protect the rights of its shareholders.

Brent slipped 1 cent to $81.62 a barrel, WTI rose 3 cents to $76.25 a barrel.

The Committee will continue to closely assess market conditions. Building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries,

In 2023, the International Energy Agency (IEA) asserted that it saw a global oil demand peak before the end of this decade and called for a halt to new oil investments. This was despite the IEA only a few years earlier highlighting that the world would still need oil for years to come and stressing the importance of investing in the sector.

Brent rose 16 cents, or 0.2%, to $78.75 a barrel, WTI climbed 20 cents, or 0.3%, to $73.51.

Oil imports from Russia, negligible before Moscow’s invasion of Ukraine, climbed steadily through 2022 and the first half of last year as India saw an opportunity to procure discounted barrels. Russia overtook traditional suppliers like Iraq and Saudi Arabia.

Brent climbed 37 cents, or 0.5%, to $79.07 a barrel, WTI gained 30 cents, or 0.4%, to $74.12 a barrel.

India’s refining capacity is projected to increase by 56 million tons by 2028, Junior Oil Minister Rameswar Teli said last month, without elaborating. That equates to an overall capacity boost of 22%, or 1.12 million barrels a day.