An Indian oil and gas company approved a project to expand strategic crude reserves.

IEA Director Fatih Birol urged the EU to reassess its ban on new Arctic oil and gas drilling after meeting Norway’s finance minister in Brussels, saying the move is crucial for European energy security and that "the world needs every drop of Norway's oil." Norway is lobbying the EU to remove the ban in a policy update expected this year; the restriction was first imposed in 2021. Six institutional investors have called on the EU to maintain the ban, citing the need to stick to the green transition, while critics warn lifting it would do little for short-term supply and would further endanger fragile ecosystems. Jens Stoltenberg reiterated Norway’s position alongside Birol.

New York silver futures rose 2.00% intraday to $59.87/oz.