Brent slipped to $64.58 a barrel, WTI dropped 32 cents, or 0.5%, to $61.25.

The European Commission is discussing the introduction of an import quota of zero for Russian gas, according to people with knowledge of the matter.

Despite the global push for transition to cleaner sources of energy, India’s crude oil refining capacity is set to expand — to 450 million tons by the end of the decade from about 250 million tons now — on the back of growing domestic and overseas demand for oil products.

The signing of the memorandum was the result of ongoing joint work between the Institute and Brazilian scientific organisations.

Brent fell 39 cents, or 0.6%, to $66.24 a barrel, WTI slipped 36 cents, or 0.6%, to $63.31.

Brent dropped 22 cents, or 0.3%, to $64.74 per barrel, WTI fell 18 cents, or 0.3%, to $61.77.

In view of the current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day in June 2025 from May 2025 required production level.

"Despite the significant progress achieved under the REPowerEU Plan and via sanctions since Russia's invasion of Ukraine, in 2024 the EU saw a rebound in Russian gas imports," the EC said. "More coordinated actions are therefore needed, as the EU's overdependency on Russian energy imports is a security threat."

According to CCI data, the largest monthly increase in April was shown by shipments through the port of Kozmino +17.79%, 139 thousand tons per day.

Russia currently delivers gas to China via the Power of Siberia 1 pipeline, which is part of a US$400 billion, 30-year agreement between Gazprom and China’s CNPC which was signed in 2014.