Russia is expected to reduce both oil and natural gas production this year, according to Deputy Prime Minister Alexander Novak. Oil is projected to fall by 8 million tons to 527 million tons, compared to 535 million tons last year, he said.

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.

Sri Lanka's 2020 production of 15.6 TWh of electricity was dominated by fossil fuels, which accounted for some 10 TWh, and hydro (5 TWh) alongside some wind and solar,

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.

The Brent crude oil price will increase from an average of $90 per barrel (b) in the fourth quarter of 2023 to an average of $93/b in 2024.

Global oil demand is now projected to rise by 2.4 million b/d in 2023 to 102 million b/d, but growth will decelerate to 930,000 b/d in 2024,

Brent rose 6 cents to $86.91 a barrel, WTI gained 12 cents, or 0.2%, to $82.58 a barrel.

China has ramped up coal output since the 2021 power crisis in order to avoid a repeat, with this year’s annual production set to notch another record. Demand growth has also been relatively subdued amid China’s bumpy economic recovery.

However, there are growing signs of a thaw in relations between the Biden administration and Caracas, with the sides holding talks to explore temporarily lifting sanctions to encourage Venezuela to hold competitive presidential elections next year.

Brent rose $1.16, or 1.3%, to $89.09 a barrel. WTI climbed $1.08, also 1.3%, to $84.29 a barrel.