The JMMC reviewed the crude oil production data for the months of November and December 2024 and noted the high overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC). The improved conformity further reaffirms the DoC countries’ shared objectives of unity and cohesion.

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 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.

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.

The modern power grid generates massive amounts of data from millions of sensors, smart meters, and weather stations.

Brent rose 44 cents, or 0.5%, to $81.73 per barrel, WTI were up 62 cents, or 0.8%, to $79.3 a barrel.

“The Department of State’s designations aim to reduce Russia’s oil and natural gas revenue through sanctions on operators of significant Russian crude oil production and liquified natural gas projects. We are designating the chief executive officer and members of State Atomic Energy Corporation Rosatom’s (Rosatom),” according to a State Department Fact Sheet.

The Worldwide Rig Count for December was 1,660, down 49 from the 1,708 counted in November 2024, and down 79, from the 1,739 counted in December 2023.

Brent fell 6 cents to $73.85 a barrel, WTI was down 11 cents at $70.60 a barrel.

Consequently, Russia will increasingly rely on China and boost energy exports, particularly crude oil and natural gas, in 2025,

Our forecast Henry Hub natural gas spot price: Nov. 2024 average: ~$2.10/MMBtu Rest of winter average: ~$3.00/MMBtu

Brent edged up 7 cents to $73.48 a barrel, WTI was at $70.11 a barrel, up 9 cents.