Brent fell $1.44, or 2.07%, to $68.02, WTI fell $1.34 cents, or also 2.06%, to trade at $63.80.

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 February 2026, to review global market conditions and outlook.

Indian stocks and the rupee rallied on Trump’s remarks on Tuesday, but halting Russian oil purchases in particular would be a major concession for the Modi government, which has repeatedly insisted that buying crude wherever it wants is a matter of “strategic autonomy”.

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.

Roscosmos, Russia's federal space agency, said the purpose of the nuclear power station on the moon would be "long-term power supply to consumers (moon rovers, observatory) of the Russian Lunar programme, as well as infrastructure facilities of the International Lunar Research Station (including facilities of foreign partners)".

Brent fell 12 cents, or 0.2%, to $63.05 a barrel. WTI was down 7 cents, or 0.1%, to stand at $59.25 a barrel.

Energy security is at the core of its evolving ties, as Hungary protects its national interest. Hungary remains the EU member state most honest about its energy realities.

Russia has remained China's largest crude supplier, but those flows fell to 2 million b/d (83.15 million metric tons) in the first 10 months of 2025, down 7.7% year over year, according to data from China's General Administration of Customs.

Front-month futures on the Dutch Title Transfer Facility (TTF) are trading at the lowest for more than 18 months around €29 per megawatt hour down from more than €58 at one point in February.