While expressing satisfaction with the high level of bilateral cooperation that has been developing on the basis of the Russian-Indian privileged strategic partnership, the two leaders discussed in detail the prospects for practical cooperation in mutual investment, energy, agriculture, transport and logistics.

According to preliminary data, Gazprom produced 394.1 billion cubic meters of gas from January 1 through December 15, 2022. This is a decrease of 19.6 per cent (or 96.3 billion cubic meters) versus the same period of last year.

Falling global inventories of oil in early 2023 will push Brent prices back above $90/b by the beginning of the second quarter of 2023 (2Q23). The Brent crude oil spot price will average $92/b for all of 2023.

According to preliminary data, Gazprom produced 376.9 billion cubic meters of gas from January through November 2022. This is a decrease of 19.4 per cent (or 90.8 billion cubic meters) versus the same period of last year.

The sweeping push to replace fossil fuel plants with clean energy is forcing US power grids to the brink of a twin crisis, making electricity unaffordable while raising the specter of more frequent blackouts, a member of the Federal Energy Regulatory Commission said.

“The UAE could be a key player and deliver 25 percent of the production of the global low-carbon hydrogen market by 2030,” the report reads.

Preliminary production figures for October 2022 show an average daily production of 1 950 000 barrels of oil, NGL and condensate.

Oil imports from Russia rose 16% to 7.72 million tons last month, a volume topped only by Saudi Arabia, according to Chinese customs data.

Aramco is making its biggest ever investment in South Korea to develop one of the world’s largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate, in line with the company’s strategy to maximize the crude to chemicals value chain.

From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 4.24 million mt, or nearly 1 million b/d, in October, taking a 21% share comparable to that of Iraq and higher than Saudi Arabia's share of around 15% in the country's import basket in the same month,

Japan sees an equity stake in the Sakhalin 1 oil, gas project important as it relies around 95% on Middle Eastern oil imports.

Growth in OPEC and non-OPEC oil production—most notably production in the United States— keeps the Brent crude oil price in our forecast lower on an annual average basis in 2023 than in 2022. Brent crude oil price will begin rising in 2H23.

“Türkiye, due to its geographical position, is an energy corridor from Russia, Iran, and Saudi Arabia. Any kind of natural gas or oil that is going to be transported or shipped, will cost less and will be shipped more safely,”

Aramco announces third quarter 2022 results Q3 net income rises 39% YoY to $42.4 billion; free cash flow increases to a record $45.0 billion

Concluding the plenary part, Maksim Malyarchuk, Executive Director of the Russian-Iraqi Business Council at the Chamber of Commerce and Industry of the Russian Federation, spoke about the activities of the Council and assistance to Russian and Iraqi companies in the new conditions.