Last week, OPEC+ said it would maintain its voluntary cuts until July. The cartel is expected to decide on its continued production cuts beyond then at its next full ministerial meeting scheduled for June 1.

#WTICrude OilPrice holds a two day declines and trades on high $84s/bbl price print after the API Report publications for the week stated that US oil stocks added 3.03m barrels last week, subtotalling towards the 3rd consecutive weekly addition prior to the EIA Report.

Russia observed “sustained positive dynamics” in the flow of money to the federal budget, according to a Finance Ministry statement on Monday. Revenues for the three months through March amounted to 8.7 trillion rubles ($94 billion), an increase of 53.5% compared with the same period last year, data from the ministry showed.

Russia’s gas-transit agreement with Ukraine also expires at the end of the year, and there’s little clarity as of now if these volumes will still find their way to Europe.

All space missions depend on a power source to support systems for communications, life-support and science experiments. Nuclear power has the potential to dramatically increase the duration of future space missions and their scientific value.

The Worldwide Rig Count for March was 1,793, down 20 from the 1,813 counted in February 2024, and down 86,from the 1,878 counted in March 2023.

Brent dropped $1.42, or 1.6%, to $89.75 a barrel, WTI was at $85.59 a barrel, down $1.32, or 1.5%.

Министерский мониторинговый комитет проанализировал данные о добыче сырой нефти за январь и февраль 2024 года и зафиксировал высокое соответствие условиям исполнения сделки.

The Committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports.

Russia, which prior to invading Ukraine had an insignificant role in India’s oil basket, has seen exports to India swell since the start of the war and consequent Western sanctions, becoming the country’s top supplier.

Projects selected for tax credits under the Qualifying Advanced Energy Project Tax Credit (48C), funded by President Biden’s Inflation Reduction Act, span across large, medium, and small businesses and state and local governments, all of which must meet prevailing wage and apprenticeship requirements to receive a 30% investment tax credit.

The U.S. Department of Energy (DOE) today announced up to $6 billion for 33 projects across more than 20 states to decarbonize energy-intensive industries, reduce industrial greenhouse gas emissions, support good-paying union jobs, revitalize industrial communities, and strengthen the nation’s manufacturing competitiveness.

The project aims to bring back online the Palisades Nuclear Plant, which ceased operations in May 2022, and upgrade it to produce baseload clean power until at least 2051, subject to U.S. Nuclear Regulatory Commission (NRC) licensing approvals.

Germany would significantly increase research funding for fusion with an additional EUR370 million (USD403 million) over the next five years.

Brent rose 20 cents, or 0.22%, to $89.12 per barrel, WTI climbed 17 cents, or about 0.2%, to $85.32 a barrel.