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

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.

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.

Brent gained 43 cents to $66.98 a barrel, WTI rose 42 cents to $63.21 a barrel.

India’s imports of Russian crude are on track to hit 2.15 million barrels a day in April, the biggest monthly volume since May 2023, according to data from Kpler. Shipments have climbed since tumbling to a 14-month low in February.

The ministry envisages in its baseline scenario of economic forecasts for 2025 that the average price for Brent will be at $68 per barrel, down from the $81.7 per barrel it assumed in its September forecasts,