China has imported about 2.3 million mt HSFO over December-January, about 235% higher compared to 687,000 mt during November-December, according to Kpler shipping data.

Brent rose $2.17, or 2.57%, to $86.67 a barrel, WTI were up $2.01, or 2.57%, at $80.07.

Moscow’s move deepens the 2 million barrel-a-day production cut announced late last year by OPEC+, which Russia leads along with Saudi Arabia.

U.S. commercial crude oil inventories increased by 2.4 million barrels to 455.1 million barrels.

Brent rose 99 cents, or 1.2%, to $84.68 a barrel, WTI climbed 93 cents, or 1.2%, to $78.07.

India's oil imports from Russia are likely to continue to rise this year mainly because of the steeply discounted prices it is selling at, he said, and assuming there are "no further stringent actions by the Western countries targeting Russian oil."

spot price of Brent crude oil falls to an average of $82/b in 2H23 and $78/b in 2024.

Brent rose 32 cents, or 0.4%, to $80.26 a barrel, WTI climbed 22 cents, or 0.3% higher, to $73.61.

OPEC+ is a 23-country bloc of oil producing countries co-chaired by Saudi Arabia and Russia. It agreed in October to slash quotas by 2 million b/d from November until the end of 2023.

Brent fell 34 cents, or 0.4%, to $81.83 a barrel, WTI slid 37 cents, or 0.5%, to $75.51.

JMMC reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022,

Total Russian pipeline exports to Europe in January via the two remaining major supply routes were 36% down on deliveries in December and 79% lower year on year.

U.S. commercial crude oil inventories increased by 4.1 million barrels to 452.7 million barrels.

Brent gained 8 cents, or 0.1%, to $85.54 a barrel, WTI rose 20 cents, or 0.2%, to $79.07 a barrel.

Further development of bilateral cooperation in the political, trade, economic and energy sectors, as well as cooperation within the OPEC Plus group to provide the stability of global oil market were discussed.