The IAEA and the OPEC Fund for International Development (OPEC Fund) have formally agreed to strengthen joint efforts to tackle the world’s growing health, food, energy and climate development challenges with nuclear science and technology under a new Practical Arrangement (PA).

Brent rose 40 cents, or 0.5%, to $85.41 a barrel, WTI gained 43 cents, or 0.5%, to $81.26 per barrel.

Russia was able to divert oil exports away from Europe to India and China, securing the much-needed financial flows for its budget, which is in deficit as Moscow spends heavily on defence and security.

That boosted Russia's share in the world's third largest importer and consumer to nearly 41% last month, the data showed.

What are the latest trends in the power and utilities sector?

Brent slid 40 cents, or 0.5%, to $84.84 a barrel, WTI were at $80.34 a barrel, down 39 cents, or 0.5%.

The world’s most populous nation expects to add 15.4 gigawatts in the year through March 2025, the most in nine years, said people familiar with the matter, asking not to be named as the information isn’t yet public.

At the end of 2023, solar and wind accounted for nearly 24% of installed capacity in India, with respectively 73 GW and 45 GW, while hydropower capacity reached nearly 52 GW.

Changes including allowing full foreign ownership of renewable energy projects have already helped secure a pipeline of 99 gigawatts of wind and solar developments.

Brent rose 2 cents to $85.35 a barrel, WTI was down 6 cents to $81.51 per barrel.

Thermal power, which accounts for the bulk of China’s carbon footprint, fell 4.3% in May from the previous year, the biggest drop since 2022, the statistics bureau reported on Monday.

Russia is the largest supplier of low-enriched uranium in the world and about a quarter of enriched uranium used in U.S. reactors comes from Russia.

Brent lost 14 cents, or 0.17%, to $82.46 a barrel, WTI fell 16 cents, or 0.2%, to hit $78.34.

Huge investments made over the past decades in the development of alternative energy sources have not led to the displacement of fossil fuels from the energy market, and the green transition strategy in its current form cannot ensure the sufficiency, availability and reliability of energy sources.

India, the world's third biggest oil importer and consumer, emerged as the biggest buyer of Russian sea-borne oil, snapping up barrels sold at a discount as Western companies halted purchases after Moscow's invasion of Ukraine in 2022.