Benchmark futures jumped as much as 25% — the biggest increase since August 2023 — after tanker traffic through the Strait of Hormuz largely halted over the weekend.

The Russian Deputy Prime Minister Alexander Novak and Turkish Energy and Natural Resources Minister Alparslan Bayraktar have been discussing additional prospects for cooperation in their bilateral oil and gas, as well as the development of nuclear energy, at meetings held in Istanbul.

India's crude oil purchases underwent a transformative change in 2026, with significantly reduced volumes of Russian Urals and incremental growth in Middle East Gulf barrels comprising its portfolio as of January,

This energy buying pledge—part of an estimated $33 billion in US goods purchases pledged by Jakarta—includes $3.5 billion for LPG, $4.5 billion for crude oil, and $7 billion for refined gasoline, according to the agreement released by the Office of the US Trade Representative on Feb. 19 in Washington.

In terms of LNG trucking, India is still way behind China. However, it offers good growth potential

During a public ceremony at China’s Great Hall, Canada’s Minister of Energy and Natural Resources and his Chinese counterpart signed a renewed pact that promises greater cooperation on clean and non-renewable energy.

Against a backdrop of intensifying Western economic coercion, renewed attempts to weaponize trade, the slowdown in Russia–China bilateral trade, and the U.S.-India oil narrative curbing India’s imports of Russian energy, as well as visible stress fractures in the global energy system, the Putin-Xi dialogue emerged as a crucial strategic calibration for Russia and China.

The 15.75 Bcm/year-capacity European string of TurkStream remains the sole pipeline route for Russian gas supplies to Europe after Ukraine halted Russian gas transit at the start of 2025, following the expiry of its five-year transit agreement with Moscow at the end of 2024.

The decline was due to lower crude prices and a stronger rouble. Oil and gas revenues are crucial for Russia's state budget, which ran a deficit of 5.6 trillion roubles or 2.6% of gross domestic product in 2025.

Agreements were reached to boost supply volumes via the Power of Siberia pipeline from 38 bcm per year to 44 bcm per year and to increase supply volumes via the Far Eastern route from 10 bcm per year to 12 bcm per year.