January 2025

Brent fell 2 cents to $77.47 a barrel WTI were at $73.81 a barrel, up 4 cents, or 0.1%.

Chinese customs also reported that for the ten-month period from January to October 2024, China-Russia bilateral increased by 2.8% compared to the same period in 2023.

Moscow has been India’s top crude oil supplier. India’s oil imports from Russia in April are at around 1.72 million barrels a day, their highest since July, according to online ship-tracking data.

The incoming Trump Administration is not supportive of the UN climate objectives. It has several climate and energy policy revision priorities it intends to pursue rapidly and aggressively.

India aims to achieve 500 GW of non-fossil fuel-based energy capacity by 2030, with an intermediate target of 358 GW at the end of 2026.

The Ecuadorian Ministry of Energy and Mines has announced a US$42bn investment plan to boost oil production, natural gas and the country's energy infrastructure over the 2025-2029 period.

Brent were down 9 cents at $78.20 a barrel, WTI dipped 9 cents to $74.53.

Iran has signed a Comprehensive Strategic Partnership Agreement with Russia.

New US President Donald Trump has declared a national energy emergency, announced the country's withdrawal from the Paris Agreement, and named cabinet-level appointees including new heads of the Department of Energy and the US Nuclear Regulatory Commission.

While Europe has managed to diversify its supplies since the energy crisis three years ago, this heating season has served as a reminder of the region’s vulnerability, especially given its growing reliance on volatile LNG flows.