The program is a drive to break one of sub-Saharan Africa’s biggest impediments to growth: Almost half of its population, or 570 million people, have no access to electricity.

Under an MoU on cooperation in the field of energy signed in October 2024 between KHNP and the Philippine Department of Energy, KHNP agreed to conduct a feasibility study to evaluate the possible start up of the mothballed Bataan plant.

The Innovative Small Modular Reactor (i-SMR) - being developed by a consortium led by Korea Hydro & Nuclear Power (KHNP) and the Korea Atomic Energy Research Institute (KAERI) - is an integrated pressurised water reactor type nuclear power plant with an electrical output of 170 MW for both domestic use and export.

Brent were at $79.44 a barrel, up $1.70, WTI jumped $1.17, or 1.6%, to $72.40.

The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

Benchmark futures jumped as much as 25% — the biggest increase since August 2023 — after tanker traffic through the Strait of Hormuz largely halted over the weekend.

India became the single most important buyer of Moscow’s seaborne crude after the invasion of Ukraine, but the country has been cutting back in response to US pressure — particularly after a US trade deal struck last month that rolled back punitive tariffs.

India is the world's fourth-largest LNG consumer. According to S&P Global Energy data, in 2025, India imported more than 25 million metric tons of LNG per year.

U.S. Secretary of Energy Chris Wright today announced the Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) has closed a historic $26.5 billion loan package to deliver over $7 billion in electricity cost savings to millions of customers in Georgia and Alabama.

Brent rose 36 cents, or 0.51%, to $71.11, WTI was at $65.59, up 38 cents, or 0.58%.

The Russian Deputy Prime Minister Alexander Novak and Turkish Energy and Natural Resources Minister Alparslan Bayraktar have been discussing additional prospects for cooperation in their bilateral oil and gas, as well as the development of nuclear energy, at meetings held in Istanbul.

Millions of barrels of Russian oil stored on tankers at sea could still provide Indian refiners with a quick and cheap solution, provided they get the nod from New Delhi.

"Poland has the potential to become a European leader in small modular reactor (SMR) technology," said Polish Minister of Energy Miłosz Motyka.

NANO Nuclear and EHC will also explore the future potential for deploying KRONOS MMR reactors in select markets across the wider Gulf region.

Brent up 6 cents at $70.83, WTI rose 4 cents to $65.67.