- India has reduced its imports of Russian oil to 1.2 million b/d in December, down from the 1.75 million b/d average in 2025, despite reports suggesting a complete halt.
- Russian Urals prices dropped by $6-$7 per barrel in early December but have since firmed due to improved demand.
- Chinese refiners are buying more Russian oil, leading to decreased exports to India. Freight costs for Russian exporters have also surged by 50%.
- TotalEnergies divests part of SK408 block to Thailand’s PTT, Shell prepares to drill in Namibia, Neste revises climate targets, and Ecopetrol slashes low-carbon budget.
- China’s industrial output decline to its lowest since August 2024 triggers a drop in Brent futures below $60 per barrel.
- Kimmeridge offers $6 billion to buy Ascent Resources, European carbon prices reach a 2-year high, and Trump rejects Lukoil asset swap deal.
- Venezuela accuses US of cyber attack, Russia may extend gasoline export ban, and Dangote accuses Nigeria’s regulators of hindering domestic refiners.
- China’s coal production reaches an eight-month high, Iran seizes foreign tanker, and Shell’s head of mergers departs after failed BP takeover bid.
- EU sanctions traders dealing with Russian oil, Kazakhstan awaits Karachaganak ruling, and Korea Zinc shareholders block US smelting pivot.
- Pakistan in talks with Russia for oil cooperation deal after collapse of Russian oil imports this year.
Read more at Yahoo Finance: Brent Breaks Below $60 on Oversupply Fears