Trump has repeatedly threatened the largest buyers of Russian crude with sanctions if a deal to end the war in Ukraine is not reached. On Aug. 6, Trump issued an executive order raising tariffs on US imports from India from 25% to 50%, in response to what Trump described on Truth Social as India's "massive" purchases of Russian crude.

Physical export volumes in July increased 1.4% month-on-month to 7.3 million barrels per day, matching the export volume from a year earlier.

The refiner, part-owned by Russian oil major Rosneft PJSC, is an important pillar of the Indian market. Its 400,000 barrels-a-day processing plant accounts for 8% of the country’s refining, and the company operates 7% of its fuel stations.

Russia has often raised crude exports to China via the Arctic route during the navigation season, when voyage time to the world's top seaborne crude importer is shorter and freight costs lower.

Brent were down three cents to $66.40 a barrel , WTI were down six cents, or 0.1%, to $63.82 a barrel.

Brent fell 75 cents, or 1.1%, to settle at $66.89 a barrel, WTI dropped 81 cents, or 1.2%, to settle at $64.35.

The growing connection between LNG exports and electricity markets in the U.S. is happening because of two long-term trends.

The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.

While strengthening oversight over Russian gas imports, the Proposal’s transparency and traceability measures place a significant burden on importers and other stakeholders, while risking regulatory overreach – particularly if over-zealously implemented – thus potentially increasing costs and preventing legitimate gas imports from entering the EU.

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.

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.

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.

Türkiye is the only transit route left for Russian gas to Europe after Ukraine chose not to extend a five-year transit deal with Moscow when it expired on January 1.