Energy landscape shifts: Central and Eastern Europe suspend diesel exports, Russian drilling drops to three-year low

⑴ Hungary and Slovakia have announced the suspension of diesel exports to Ukraine, a move that could impact Ukraine's fuel supply. Meanwhile, Slovakia has urgently released 250,000 tons of oil reserves to cope with the supply disruption. ⑵ Russian oil drilling activities have slowed down, with drilling volume in 2025 expected to fall to the lowest level in three years. In January, India imported 1.1 million barrels per day of Russian oil, the lowest since November 2022, indicating a cooling demand for Russian oil in the Asian market. ⑶ The Italian cabinet has approved a decree to reduce energy costs in order to ease the burden on businesses and residents. Angola's crude oil export plan for April has been lowered, with 28 cargoes to be loaded, down from 35 in March. ⑷ In the mining sector, Rio Tinto has reaffirmed its 2026 copper production target of 800,000 to 870,000 tons, with copper accounting for 85% of its exploration budget. Glencore has reached a land agreement with the Democratic Republic of the Congo to increase copper production. India has removed the additional margin requirement for gold and silver futures and has begun negotiations with the United States on cooperation in critical minerals. Indonesia and the United States have signed agreements totaling $38.4 billion, covering energy, agriculture, technology, and other fields.