A China institute that advises the nation's top leaders says Western sanctions will end up hurting the US and Europe more than Russia itself.

Oil prices surged on Tuesday over concerns about potential supply disruptions after Russia's invasion of Ukraine and related sanctions despite talk of a coordinated global crude stocks release

Oil, grains rise; Palladium prices surge, gold climbs; Aluminium at record-high; Nickel up on Russian supply worries; Fears of food inflation as wheat, corn, edible oil prices rally

Oil giant BP says it will exit its Rosneft stake worth $25 billion. Meanwhile, leases on over half the 980 jets in Russia may be severed by foreign firms because of sanctions.

China boosted purchases for its oil reserves even as oil prices soared, despite US calls for a coordinated release of stocks to cool the market

Tokyo also plans to quickly implement further steps to help curb rising prices of fuels such as petrol and kerosene amid soaring oil prices

The foreign ministers of Pakistan and Russia, Shah Mehmood Qureshi and Sergey Lavrov, also discussed bilateral relations in Moscow

The Maximo Gorki left Venezuela in November amid an export push designed to generate funds for cash-strapped Petroleos de Venezuela

Khan is expected to push for the construction of a long-delayed, multi-billion-dollar gas pipeline to be built in collaboration with Russian companies

Tokyo may support a coordinated oil release from its emergency stockpile if requested by the IEA, while Canberra said it is monitoring oil and gas markets

A research team examined emissions estimated by companies in their applications and compared these with data reported to a regulator

IEA logs significant emissions in Texas and parts of Central Asia, with Turkmenistan alone responsible for one-third of "large emissions events"