Hungary has announced that it will block adoption of the EU's 20th sanctions package against Russia.

Brent edged down 28 cents, or 0.4%, to $71.38, WTI lost 20 cents, or 0.3%, to $66.23.

This energy buying pledge—part of an estimated $33 billion in US goods purchases pledged by Jakarta—includes $3.5 billion for LPG, $4.5 billion for crude oil, and $7 billion for refined gasoline, according to the agreement released by the Office of the US Trade Representative on Feb. 19 in Washington.

Brent rose 23 cents or 0.34% to $67.65, WTI was up 19 cents or 0.3% at $62.52.

During a public ceremony at China’s Great Hall, Canada’s Minister of Energy and Natural Resources and his Chinese counterpart signed a renewed pact that promises greater cooperation on clean and non-renewable energy.

OPEC+ production dipped in January to 42.56 million b/d, a decline of 270,000 b/d compared to December levels and the first monthly drop in 13 months,driven by output cuts in Kazakhstan, Russia, Nigeria and Libya.

Brent were down 16 cents, or 0.23%, at $68.88, WTI fell 20 cents, or 0.31%, to $64.16.

Against a backdrop of intensifying Western economic coercion, renewed attempts to weaponize trade, the slowdown in Russia–China bilateral trade, and the U.S.-India oil narrative curbing India’s imports of Russian energy, as well as visible stress fractures in the global energy system, the Putin-Xi dialogue emerged as a crucial strategic calibration for Russia and China.

Globally, over 666 million people do not have access to electricity. If those without electricity were a country, they would be the third most populous on earth.

Brent fell $1.44, or 2.07%, to $68.02, WTI fell $1.34 cents, or also 2.06%, to trade at $63.80.

Восемь стран – участниц ОПЕК+ подтвердили своё решение от 2 ноября 2025 года приостановить увеличение добычи в марте 2026 года из‑за сезонности.

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 February 2026, to review global market conditions and outlook.

Indian stocks and the rupee rallied on Trump’s remarks on Tuesday, but halting Russian oil purchases in particular would be a major concession for the Modi government, which has repeatedly insisted that buying crude wherever it wants is a matter of “strategic autonomy”.

The decline was due to lower crude prices and a stronger rouble. Oil and gas revenues are crucial for Russia's state budget, which ran a deficit of 5.6 trillion roubles or 2.6% of gross domestic product in 2025.

Brent fell 12 cents, or 0.2%, to $63.05 a barrel. WTI was down 7 cents, or 0.1%, to stand at $59.25 a barrel.