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Global markets are thankful to India for purchasing Russian oil as it keeps crude prices affordable, said India’s oil minister, Hardeep Singh Puri.

Geopolitical tensions are limiting downside to oil prices as expectations weaken for interest rate cuts in the U.S. and China’s economy remains a concern.

British oil giant BP on Tuesday announced plans to boost shareholder returns, even after a sharp drop in full-year profits aligned with lower oil prices.

“We’re in a situation now where in a couple of years time we’re going to be very short on supply,” Occidental CEO Vicki Hollub said.

Oil prices were largely flat Monday as the Federal Reserve moves carefully on interest rates cuts, and the U.S. pushes for an extended pause in the Israel-Hamas War.

Swedish climate activist Greta Thunberg on Friday was cleared of a public order offense over a protest at an oil and gas conference in October.

Morning Meeting updates on stocks outside the Club portfolio: Clorox, Tesla, Bristol-Myers, Abbvie, Exxon and Chevron.

Exxon’s profit fell in fourth quarter compared to the prior year as crude price fell.

Chevron’s profits sagged as the company’s U.S. oil and gas assets posted a loss of $1.35 billion.

British oil giant Shell on Thursday beat expectations for full-year profit and announced a $3.5 billion share buyback program of $3.5 billion.