This will bring the total additional voluntary production adjustments by the above-mentioned countries to 1.66 million b/d.

Since Turkey can legitimately still import diesel-type fuel from Russia, traders can potentially bring in relatively cheap barrels to meet the country’s energy needs. At the same time, Turkey’s own production could be sold at a higher price to the EU.

The El Dabaa NPP will comprise four units with generation III+ VVER-1200 pressurised water reactors. The NPP is being constructed in accordance with and contracts that entered into force in 2017. The $30bn project is mainly financed through a $25bn Russian loan.

Both sides expressed satisfaction with the positive dynamic of trade and economic relations, the successful implementation of joint strategic power engineering projects, including gas supplies, and the construction of the Akkuyu Nuclear Power Plant in Türkiye.

The EU says its sanctions are meant to cut Moscow revenues and access to technology used in war.

Europe’s appetite for new LNG projects is pushing the continent to boost its import capacity by one-third, but the mismatch between future LNG demand and import facilities might result in 200-250 billion cubic metres (bcm) of unused capacity by 2030.

Two camps, one led by Germany and the other by France, are fighting it out, each with a blocking minority on a specific point: Should low-carbon hydrogen be taken into account when measuring the efforts of member states to reach the target of 45% of renewables in their energy mix by 2030?

Germany suffered the most among EU member states from the Russian supply curtailments, with a number of buyers forced to buy expensive gas on the open market to make up for the Russian shortfall.

"Every politician knows who blew up Nord Stream, but hypocritically keeps quiet," says Vucic.

A total of 529.2 billion cubic meters of gas were added to natural gas reserves in the course of geological exploration in 2022. This means that gas reserve addition rates have been surpassing gas production rates for as many as 18 consecutive years (with the 2022 production rates standing at 412.6 billion cubic meters of gas).

Since the invasion of Ukraine in February 2022, some European countries have started to step away from Russia’s nuclear energy superstore.

Prior to the sanctions, between October 2021 and September 2022, diesel imports from Russia made up 53% of Northwest Europe’s seaborne imports.

The participants discussed ways to ensure Russia’s technological sovereignty in the electricity and heating sectors, including by localising the manufacturing of energy-efficient equipment for high-capacity gas turbines and providing for the maintenance of imported gas turbine power units, as well as switching to Russian software in the electricity and heating sectors

The EU banned imports of Russian oil products from Feb. 5, two months after imposing restrictions on seaborne crude shipments from the country.

At the same time, Russian LNG imports into the EU rose by around a third to 14.1 million mt (19 Bcm), but it was LNG from other sources -- the US in particular -- that helped fill some of the gap left by lost Russian gas.