Among the sanctioned entities is the Zhoushan Jinrun Petroleum Transfer Co., a China-operated oil terminal located within the greater Zhoushan port area.

Brent rose 8 cents, or 0.12%, to $71.81 a barrel, WTI gained 8 cents, or 0.12%, to $69.29 a barrel.

The Committee reiterated the critical importance of achieving full conformity and compensation, and requested countries that did not achieve full conformity to submit updated compensation plans to the OPEC Secretariat by 18 August 2025.

Global primary energy demand is set to rise from 308 million barrels of oil equivalent (mboe/d) in 2024 to 378 mboe/d in 2050.

Japanese oil refiner Taiyo Oil Co. is transporting Russian crude oil to Japan for the first time in two years—on the tanker Voyager, which is blacklisted by the EU and the US Treasury Department.

Novak cited Nigeria as a promising partner for Russia in Africa, saying, “Our joint work within OPEC+ renders a decisive contribution to ensuring stability and predictability of the global oil market.

After meeting the president in the resort to finalize the deal, European Commission President Ursula von der Leyen confirmed the EU and the US will increase their "energy cooperation."

The BRICS energy alliance has launched a coordinated system of Petro-Yuan (Chinese RMB Yuan currency) oil contracts that directly challenges US dollar dominance in global energy markets.

Brent were down $2.08, or 2.9%, at $69.40 a barrel, WTI declined $2.03, or 3.0%, to $66.48 per barrel.

Hungary and Slovakia decided to block the sanctions package in response to European Union plans to phase out Russian energy imports, the minister said.

In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day in July 2025 from June 2025 required production level.

U.S. crude oil output rose to 13.49 million barrels per day in March, up from 13.16 million bpd in February and the prior all-time high of 13.45 million bpd in October 2024.

Brent rose 25 cents, or 0.4%, to $64.34 a barrel, WTI gained 24 cents, or 0.4%, at $61.13 a barrel.

The investment plan aligns with Renaissance Africa’s strategy to rebalance its portfolio by strengthening oil production and accelerating gas monetization while reinforcing its position in export markets.

Brent slipped to $64.58 a barrel, WTI dropped 32 cents, or 0.5%, to $61.25.