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

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”.

Agreements were reached to boost supply volumes via the Power of Siberia pipeline from 38 bcm per year to 44 bcm per year and to increase supply volumes via the Far Eastern route from 10 bcm per year to 12 bcm per year.

The Draft National Electricity Policy 2026, once finalised, will replace India's first National Electricity Policy (NEP) which dates back to 2005.

Roscosmos, Russia's federal space agency, said the purpose of the nuclear power station on the moon would be "long-term power supply to consumers (moon rovers, observatory) of the Russian Lunar programme, as well as infrastructure facilities of the International Lunar Research Station (including facilities of foreign partners)".

NASA and the US Department of Energy (DOE) said they have recently signed a memorandum of understanding to solidify their collaboration and advance the "vision of American space superiority" set out in an Executive Order signed by US President Donald Trump on 18 December.

South Korea’s Climate, Energy & Environment Minister Kim Sung-hwan said the government will proceed under the 11th Basic Power Supply Plan, which calls for the construction of two large-scale nuclear reactors with a combined capacity of 2,800 MWe, scheduled for completion in 2037 and 2038.

Across the United States, battery energy storage is rapidly emerging from a niche technology into mainstream grid infrastructure.

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.

Russia has remained China's largest crude supplier, but those flows fell to 2 million b/d (83.15 million metric tons) in the first 10 months of 2025, down 7.7% year over year, according to data from China's General Administration of Customs.

Russia has "unique solutions that can be utilised for powering data processing centres" and the plan is "to transition to the serial production of small floating and land-based nuclear stations".

The agreement provides a framework for collaboration on innovative nuclear technologies that can help countries across Asia and the Pacific diversify their energy mix and meet growing power demand.

The ambitious mission will harness the current AI and advanced computing revolution to double the productivity and impact of American science and engineering within a decade.

Modernizing power grids is critical to meeting rising energy demands, integrating renewable sources, and ensuring operational reliability. Traditional grids struggle with aging infrastructure, fluctuating loads, and the variability of renewable generation.