The Group of Seven countries (G7) and the European Union (EU) are discussing replacing the existing price cap on Russian oil with a full ban on providing maritime services for Russian oil exports, to further reduce the revenue funding Russia’s war in Ukraine, six sources familiar with the matter told Reuters.
Russia is exploring opportunities to increase oil exports to China and deepen cooperation on liquefied natural gas (LNG), Deputy Prime Minister Alexander Novak said Tuesday during a Sino-Russian business forum in Beijing.
China and India have become Russia’s largest oil buyers since the start of the Ukraine conflict in 2022. China currently imports around 1.4 million barrels per day (b/d) of Russian oil by sea and about 900,000 b/d via pipeline. Despite recent U.S. sanctions targeting Rosneft and Lukoil—Russia’s two biggest oil producers—President Vladimir Putin has downplayed their impact, calling the measures unfriendly but insignificant for the Russian economy.
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Jagat Prakash Nadda, India’s Minister of Health, Chemicals, and Fertilizers; Suresh K. Reddy, India’s Ambassador to Egypt; and a delegation of Indian company representatives to discuss cooperation and joint investments in the petrochemicals and mining industries. They agreed to form a joint working group to explore ways to deepen trade and industrial cooperation between Egypt and India.
Global energy demand is expected to grow at its slowest pace in two decades as renewable power expands rapidly and fossil fuel consumption peaks before 2030, the International Energy Agency (IEA) said in its recently released World Energy Outlook 2025.
Egypt features prominently in the report, with the IEA noting that its El Dabaa nuclear power plant, North Africa’s first, is due to reach full capacity by 2030. The project underscores the push to strengthen Egypt’s role as a regional energy hub and reduce reliance on fossil fuels.
Middle East producers Saudi Arabia, Iraq, and Kuwait are boosting crude supplies to India as Indian refiners slow Russian imports due to sanctions.
U.S. President Donald Trump announced on Wednesday Ukraine-related sanctions for the first time in his second term, blacklisting Russian oil major companies Lukoil and Rosneft amid growing frustration with President Vladimir Putin over the war, Reuters reported.
Geothermal energy, the heat stored beneath the Earth’s surface, has long been recognized as one of the most abundant clean energy resources. Unlike solar or wind, which depend on weather conditions, geothermal energy is available around the clock and can deliver stable, baseload electricity. It is considered renewable because the Earth continuously produces heat, primarily through natural radioactive decay deep underground.
U.S. President Donald Trump reaffirmed that Indian Prime Minister Narendra Modi told him India will stop buying Russian oil, while warning that New Delhi would continue paying "massive" tariffs if it did not, Reuters reported.
Trump’s stance comes amid rising tensions over trade and energy policy. Russian oil has been a major sticking point in US-India trade talks, with roughly half of Trump’s 50% tariffs on Indian goods reportedly being in retaliation for India’s oil purchases from Moscow. Washington argues these purchases help finance Russia’s war in Ukraine. India has become the largest buyer of discounted Russian crude since the 2022 invasion of Ukraine.
SLB, the global technology leader in oilfield services and energy transition, announced a 4% increase in revenues in the third quarter (Q3) of 2025, reaching $8.93 billion (Bn) compared to quarter 2 (Q2) 2025. However, revenues declined by 3% year on year (YoY).
Global natural gas demand rose to 4,122 billion cubic meters (Bcm) in 2024, marking a 1.9% year-on-year increase, driven mainly by strong consumption in Asia and North America. This growth was fueled primarily by the power generation sector, with extreme summer heatwaves boosting gas-fired electricity needs, according to the International Gas Union’s (IGU) Global Gas Report 2025.
