The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

While strengthening oversight over Russian gas imports, the Proposal’s transparency and traceability measures place a significant burden on importers and other stakeholders, while risking regulatory overreach – particularly if over-zealously implemented – thus potentially increasing costs and preventing legitimate gas imports from entering the EU.

Private companies import most of Europe's oil, while a mix of private and state-run companies import gas. The European Commission can aggregate demand for LNG to negotiate better terms, but cannot force companies to buy fuel. That is a commercial decision.

Oil traders and shipping companies have been waiting for direction from New Delhi on whether supplies from Moscow will be allowed to continue after US President Donald Trump last week threatened punitive action to curb trade with Russia.

The Tanzanian government had completed an environmental assessment in June and has green-lit the project to start.

According to the Russian Ministry of Energy, Russia’s state nuclear power corporation (Rosatom) and Niger’s Energy Ministry signed a Memorandum of Understanding (MoU) on Monday (July 28).

Szijjártó said that with the increasing electricity demand there was a need to sustain energy security by increasing nuclear capacity and "SMRs are the ideal solution for us".

Brent rose 8 cents, or 0.12%, to $71.81 a barrel, WTI gained 8 cents, or 0.12%, to $69.29 a barrel.

The Committee reiterated the critical importance of achieving full conformity and compensation, and requested countries that did not achieve full conformity to submit updated compensation plans to the OPEC Secretariat by 18 August 2025.

Japanese oil refiner Taiyo Oil Co. is transporting Russian crude oil to Japan for the first time in two years—on the tanker Voyager, which is blacklisted by the EU and the US Treasury Department.