The circular carbon economy concept has been endorsed by G20 member states but has yet to be put into practice, and the kingdom has not revealed any timelines or targets associated with the plan.

Nikkei rose 0.41% to close at 26,644.71. The index has gained 15.96% this month, and is on track for its best performance since January 1994. The broader Topix rose 0.47% to hit a 25-month high at 1,786.52.

China Coal Transportation and Distribution has signed a US$1.5bn agreement with the Indonesian Coal Mining Association (APBI) to buy 200 Mt of thermal coal in 2021.

The UK Treasury said yesterday it is important to consider large-scale nuclear projects in addition to Hinkley Point C (HPC) if the country is to meet its net-zero by 2050 target.

“The global energy market is changing, humanity needs new, efficient, more environmentally friendly energy sources not as a replacement, but as an alternative to traditional hydrocarbons. And hydrogen will definitely occupy its niche in the energy of the future,” said TPU.

Brent were down 1 cent at $48.60 a barrel . WTI was off by 4 cents at $45.67 a barrel.

"The macroeconomic situation has had a negative impact on the long-term development prospects of the LNG industry," Gazprom said, adding that so far in 2020 only one final investment decision had been made for a new LNG production project.