Light crude oil futures traded near $64.17 on August 8, 2025, testing the 200-day moving average at $64.08, with technical targets at $65.38 and $65.50. A break above $65.50 could extend prices to $66.64, but a drop below $62.69 risks a rapid sell-off. Traders are monitoring U.S.-Russia-India geopolitical tensions, including President Donald Trump's threat of 50% tariffs on Indian goods if New Delhi reduces Russian oil imports. India imported 1.8 million barrels per day of Russian crude in the first half of 2025, accounting for 37% of its total intake. UBS has lowered its year-end Brent forecast to $62 from $68 due to stronger supply from South America and sanctioned Russian exports. An Exxon-led consortium began production four months early at a fourth offshore vessel in Guyana, increasing market supply. OPEC+ is expected to pause production hikes unless major disruptions occur. Saudi Arabia will reduce its September shipments to China to 1.43 million bpd from 1.65 million bpd and raise prices for Asian buyers. The Arab Light premium is at $3.20 over Oman/Dubai, the highest since April. Sinopec, PetroChina, and other refiners are scaling back purchases, while Indian refiners received full September allocations but did not request additional volumes amid U.S. pressure on Russian imports. The market remains vulnerable due to lack of support above $62.69 and increased supply from Guyana and South America.

A joint venture between Fluor Corporation and JGC Corporation has been awarded a contract to update the Front-End Engineering and Design (FEED) for a proposed Phase 2 expansion of the LNG Canada facility in Kitimat, British Columbia, Canada. This follows the completion of Phase 1, which shipped the project’s first liquefied natural gas export cargo. The LNG Canada joint venture, led by Shell, Petronas, PetroChina, Mitsubishi Corporation, and KOGAS, aims to expand the facility’s capacity to support Canada’s role as a low-carbon natural gas supplier.

LNG Canada, a 14 million tonnes per annum LNG production plant operated by a joint venture (JV) of Shell, Petronas, PetroChina, Mitsubishi, and KOGAS, is advancing toward Phase 2 development. The project faces technical challenges, including a 50% reduced liquefaction train capacity due to turbine and refrigeration unit issues, and a diverted cargo ship. The JV is working with the Canadian government, including British Columbia Premier David Eby, to secure a final investment decision (FID) for Phase 2, which would double production to 28 mtpa.

The Taliban government of Afghanistan has terminated its oil field contract with a Chinese company, CAPEIC, to pursue self-sufficiency. Despite the deal's short duration, the Taliban aims to generate revenue from the Amu Darya field. The move highlights challenges in managing resource projects, with ongoing issues at the Mes Aynak Copper Mine project. Revenue from oil sales and infrastructure developments remain critical to the Afghan government's budget.

EU sanctions against Russian oil customers have disrupted operations at Nayara Energy, an Indian refiner owned by Russia's Rosneft, as tankers loaded with its fuel remain anchored globally without buyers.