Preliminary production figures for January 2023 show an average daily production of 1 979 000 barrels of oil, NGL and condensate.

Brent rose 70 cents, or 0.8%, to $83.70 a barrel, WTI was at $76.89 a barrel.

Refiners in India, which rarely used to buy Russian oil because of costly logistics, have emerged as Russia's key oil client

Current hydrogen production technologies release significant carbon emissions, and up until now, cost has limited expansion to green hydrogen technologies.

Brent dropped 96 cents, or 1.13%, to $84.18 per barrel, WTI shed 97 cents, a 1.24% loss, to $77.52.

In October, OPEC and its partners took the unusual step of assigning fixed production targets for a full year ahead. Key officials have indicated they intend to leave the quotas unchanged throughout 2023, and the comments from Prince Abdulaziz bin Salman are the most emphatic to date.

Gas markets are in “better shape than many expected one year ago,” IEA Executive Director Fatih Birol said. “But the reality is that winter 2023-2024 is likely to be the real test.”

U.S. commercial crude oil inventories increased by 16.3 million barrels to 471.4 million barrels.

Brent slid $1.13, or 1.3%, to $84.45 a barrel, WTI dropped $1.31, or 1.7% to $77.75.

Nonetheless, the IEA said global oil markets will likely remain in surplus in the first half of the year amid surprisingly robust output from Russia.

Many countries including China and India have developed aggressive nuclear development plans, as have Poland, the Czech Republic, the UK, the Netherlands, and even Ukraine to a lesser extent.

Renewable energy sources (i.e., biomass, geothermal, hydropower, solar, wind) provided nearly three-quarters (74.1%) of new utility-scale generating capacity in the U.S. last year.

Brent fell 86 cents, or 1%, to $85.53 a barrel, WTI was at $78.83 a barrel, down 89 cents, or 1.1%.

Benchmark futures are now trading just above €50, near the lowest levels since September 2021.

CNPC's talks follow a deal announced last November by China's Sinopec, in which QatarEnergy agreed to supply 4 million tonnes of LNG annually for 27 years, the longest duration LNG supply contract ever signed by Qatar.