"Those countries that opt to use nuclear energy or support its use recognise its potential as a clean energy source that can reduce dependence on fossil fuels, to address the climate crisis and improve global energy security," a ministerial communiqué released at the end of the event said.

Demand for renewable energy resources has never been more robust, and billions of dollars in federal funding are now available to support projects designed to meet the demand. Projects that qualify for funding are designed to harness energy from water, wind or solar sources. Some technology projects are also eligible.

In addition to creating a working group to support plans to design, construct and commission the new units at Kozloduy, the two countries will also "explore collaboration on research and training programmes and developing Bulgaria's nuclear supply chain resilience".

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

Kudankulam, about 100 kilometres from the port city of Tuticorin in the state of Tamil Nadu at the southern tip of India, is already home to two operating Russian-VVER 1000 pressurised water reactors: Kudankulam 1 has been in commercial operation since 2014 and Kudankulam 2 since 2017.

The small modular reactor (SMR) is a water-cooled RITM-200N 55 MW reactor that has been adapted from the RITM-200 series used to power Russia's latest fleet of nuclear-powered icebreakers. It will be built near Ust-Kuyga in Yakutia (also known as Sakha) in Russia's Arctic north, with the aim of commissioning in 2028.

By leveraging digital modeling technology, utilities can anticipate challenges, optimize performance, and seamlessly integrate renewable energy sources into the grid.

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,

"India currently ranks as the world's third-largest energy consumer, oil consumer, and liquefied petroleum gas consumer. Additionally, it stands as the fourth largest importer of liquefied natural gas, refiner, and automobile market globally. Presently, India is witnessing record-breaking sales in both two-wheelers and four-wheelers, alongside a growing demand for electric vehicles," Modi added.

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.

Asian LNG re-exports have continued to outmatch reexports from Europe so far in 2024, maintaining Asia's stronger reexport trend that emerged in 2023,

Market players said the truck LNG price in China has continued to decline, with an average price of around Yuan 4,100/mt as of Feb. 7, marking a decrease of approximately 15% compared with the average price in 2023. Additionally, specific regional prices have dipped below Yuan 3,600/mt due to factory closures and reduced production during the festive season, sources said.

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.