The US confidence in a price cap follows positive reaction by China and India to the plan, which would limit Moscow’s revenues over its aggression in Ukraine

The equivalent of about 1.77 million barrels per day (bpd) of Russian oil were shipped to China, down from May's record of 1.98 million bpd, a level analysts had expected to be maintained

India has cut a windfall tax levied on oil companies and kept petrol out of an export levy less than a month after it introduced the two regulations.

From Singapore Airlines and Malaysia Airlines to All Nippon Airways and Japan Airlines, the industry is in various stages of producing and using sustainable aviation fuel for operations

Japan's aims is to send a clear signal of government backing for the project and bucks moves by West that has prohibited firms from making new investments in Russia

Unlike the European Union, Australia has no SAF requirements, but BP plans to convert an oil refinery in Kwinana and become Australia's first producer of the sustainable fuel from 2025.

The IEA and the US say the energy crisis stemming from curbs on Russia should be a warning for Indo-Pacific nations to focus on shifting away from fossil fuels and China's solar tech suppliers

A senior Russian legislator said on Thursday that Moscow would take control of the Sakhalin-1 oil and gas project in which ExxonMobil and Japan's SODECO are also partners

The quotas will bring this year's total refined fuel export quotas to 22.5 million tonnes, 39% less than the first three allotments last year

The deal is part of one-year pilot programme to test the new fuel for planes

The US Treasury cracked down on Hong Kong-based Lustro Industry, saying it hid its role in purchases of petrochemical products for delivery to China, plus Triliance Petrochemical

About 2 million barrels of cheap Russian crude oil flowed into China every day in June, according to industry monitors, who said supplies from Africa and the Middle East were being squeezed out