Crude oil deliveries to Russia’s refineries slumped in 2025 to the lowest level in at least 15 years, primarily due to unplanned outages following intensified Ukrainian drone strikes on key energy infrastructure.

By Jeslyn Lerh and Natalia Chumakova SINGAPORE/MOSCOW, Jan 26 (Reuters) - Russian fuel oil exports to Asia slowed in early 2026 as rising scrutiny due to tighter Western sanctions hampered trade while Ukrainian drone attacks on refining facilities in Russia reduced output,

Global benchmark Brent traded close to $64 a barrel after Zelenskiy urged Russia to be “ready for compromises.” Any breakthrough to end Moscow’s war in Ukraine could iron out supply disruptions and end sanctions on Russian crude in an already oversupplied global market,

Moody’s has issued a caution that if India significantly or suddenly cuts its oil imports from Russia, the move could tighten global oil supply. This would lead to higher crude prices, affecting not only India but also other oil-importing countries.

Energy Aspects co-founder Amrita Sen said that Indian refiners are reducing Russian purchases, while supply disruptions and rising gas prices are tightening global energy markets. Sen said Venezuelan crude could partly offset India’s lower Russian imports,

Oil and gas prices are set to come under pressure this year as supply outstrips demand. However, there are clear supply risks facing the market, particularly when it comes to oil.

The ‌United ​States has now returned ‌to the Venezuelan government all $500 million from the initial ​sale of oil that was part of a deal reached between Caracas and ‍Washington last month, a ​U.S. official said on Tuesday.

Venezuela’s crude sales have surged since Washington ousted the country’s leader and eased restrictions on the nation’s oil industry. Shipping data showed January’s exports were more than 50% higher than those of the previous month,