Russian gas deliveries to Europe on three main pipeline routes were stable on Monday morning, with the Yamal-Europe pipeline continuing to flow eastwards from Germany into Poland.

Following a meeting with European Commission President Ursula von der Leyen in Brussels, President Joe Biden announced a new task force between the US and EU with a "joint game plan" to quickly reduce Europe's dependence on Russian gas

Japan's Sakhalin Oil and Gas Development (SODECO) owns a 30% stake in the Sakhalin-1 project from which Exxon has said it would exit. Japex owns 15.285% in SODECO.

U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week to 413.4 million barrels.

Gas prices surged 10%, with ICE Brent futures rising to $1,359/1,000 cu m, up from $1,240/1,000 cu m following Putin's remarks

Speaking to the Bundestag parliament, Scholz said German will continue to look to reduce its dependency on Russian oil and gas but warned "hasty" action could trigger a recession.

Russia is one of the three largest crude oil producers in the world, after the United States and Saudi Arabia. European countries—which have not banned Russian energy imports—generally import more of Russia’s crude oil and petroleum products than the United States.

"If oil is sold at a discount, then [consumers] will be happy to buy it. We will earn less, but we will be able to place oil," Novak said.

Germany and Hungary are putting the brakes on a potential EU embargo on Russian oil,

Russia accounts for about 40% of the European Union’s gas demand, and about a third of those shipments transit Ukraine.

Gazprom Marketing & Trading Retail, which trades as Gazprom Energy and supplies gas to about a fifth of UK companies, is coming under pressure as companies withdraw from contracts following Russia’s invasion of Ukraine.

Russian inflows to China hit a nine-month low of 1.42 million b/d in February, down 26.1% year on year and more than 25% month on month.

Oil imports by Asia's third-largest economy rose 5% from January and were up 24% from a low base in February 2021, when a refinery at Bathinda in northern India was fully shut for maintenance, data showed.

The world's fourth-biggest crude importer received 10.565 million mt, or 77.44 million barrels, of crude oil in February, compared with 74.97 million barrels imported a year earlier, marking a fifth consecutive month of year-on-year increase,

U.S. commercial crude oil inventories increased by 4.3 million barrels from the previous week to 415.9 million barrels.