"If Europe is still importing LNG from Russia, it is because there is a need," a France-based gas trader said. "With our other main suppliers, such as Norway, operating at maximum capacity, it will be hard to completely stop the flow of Russian LNG. We are still not completely out of the crisis."

While Urals has been above $60 almost all year, this month’s surge to well above $70 will stretch the credibility of those attestations for traders wanting to keep using western services.

Russia observed “sustained positive dynamics” in the flow of money to the federal budget, according to a Finance Ministry statement on Monday. Revenues for the three months through March amounted to 8.7 trillion rubles ($94 billion), an increase of 53.5% compared with the same period last year, data from the ministry showed.

Russia’s gas-transit agreement with Ukraine also expires at the end of the year, and there’s little clarity as of now if these volumes will still find their way to Europe.

The Committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports.

Russia, which prior to invading Ukraine had an insignificant role in India’s oil basket, has seen exports to India swell since the start of the war and consequent Western sanctions, becoming the country’s top supplier.

During the two days of the forum, the role of nuclear power in the energy, industrial, ecological, logistic, digital, health, scientific and educational fields were discussed in more than 30 parallel sessions.

The Turkish government has decided that Rosatom will build the country’s second NPP,

These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4, 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.

Ample supplies have anchored international oil prices near $80 a barrel this year, even as conflict in the Middle East disrupts regional shipping.

Deputy Prime Minister and OPEC+ envoy Alexander Novak drove home the official line that sanctions make Russia stronger when he said in October, referring to the redirection of exports, "the main consumption of energy resources will in future be in [the Asia-Pacific] region... We would have to do this anyway. We just sped up a bit."

The US placed Arctic LNG 2 under direct sanctions in November, in effect blocking its allies from buying the project’s gas when it starts production. The move followed an EU ban on the transfer of LNG-related technology to Russia in April 2022, two months after Moscow launched its full-scale invasion of Ukraine.

SEFE’s trading of Russian LNG is controversial in Berlin, where lawmakers have urged the company to sever its links with Moscow. Germany opposes LNG imports from Russia, though it hasn’t banned them.

Venezuela and Russia have discussed nuclear energy cooperation in the past, with a civil nuclear cooperation agreement signed in October 2010 providing for the construction of two 1200 MWe reactors and a research reactor to produce radioisotopes.

At the start of the month,we saw #Crudeoil longs data jump 17%, partly offsetting wrong-footed sales the previous week.Russia stated that the cut of 500k b/d to meet the quota expectations for the month of February as part of a package of cuts promised by the OPEC+.