Brent was down $1.38, or 1.5%, to $92.72 a barrel, WTI fell $1.17, or 1.3%, to $87.31.

This year has already seen Russia-China energy cooperation increase significantly. Oil and gas deliveries to China have risen since Russia's invasion began in February, and new supply and infrastructure deals were signed a few weeks before Russia's invasion was launched.

Benchmark futures jumped as much as 12%. The European Commission’s radical intervention plan includes raising 140 billion euros ($140 billion) for consumers from energy companies’ earnings, as also mandatory curb on peak power demand and boosting liquidity.

The plan is expected to raise €140bn, including €117bn from the temporary revenue cap on inframarginal electricity producers and €25bn from the temporary solidarity contribution based on taxable surplus profits made in the fiscal year 2022 on energy undertakings in the oil, gas, coal and refinery sectors

The risks of shortages drove gas prices higher for a third day. The European Commission this week unveiled radical intervention plan including raising 140 billion euros ($140 billion) for consumers from energy companies’ earnings, mandatory curb on peak power demand and boosting liquidity.

The Hungarian Atomic Energy Authority (HAEA) issued the licence for construction of units 5&6 of Paks II in August. Currently, the Paks NPP, built according to the Soviet design, operates four power units with VVER-440 reactors.

The possibility of replacing coal power plants with nuclear capacity is being actively explored in the USA and elsewhere.

Renewable generation sources include conventional hydropower, wind, solar, geothermal, and biomass. In the United States, most renewable electricity generation comes from hydropower, solar, and wind.

Brent rose 8 cents, or 0.09%, to $93.25 a barrel, WTI was at $87.35 a barrel, up 4 cents, or 0.05%.

World oil demand growth in 2022 remained unchanged from the previous month’s assessment at a healthy level of 3.1 mb/d. For 2023, the forecast for world oil demand growth also remained unchanged from the previous month’s assessment to 2.7 mb/d.