"Russia needs official confirmation that this and other turbines, which require routine maintenance and repair, will not fall under the sanctions of the EU, Canada and the UK," it said.

U.S. Rig Count is down 1 from last week to 763, Canada Rig Count is down 2 from last week to 201.

Russia’s natural gas exports by pipeline to the European Union (EU) and the United Kingdom (UK) declined by almost 40% during the first seven months of 2022 compared with the same period in 2021 and by almost 50% compared with the previous five-year (2017–21) average,

With nearly half of German homes relying on gas for heating, the country faces potential rationing if it fails to secure sufficient reserves.

Russian oil production in July was only 310,000 b/d below prewar levels, a fall of less than 3 per cent, while total oil exports were down about 580,000 b/d, according to the IEA’s latest monthly oil report.

The money lost is dwarfed by enormous profits both BP and Shell recorded this year on the back of soaring refining margins and high oil and gas prices.

Benchmark gas declined as much as 2.9%, sliding for a third session. The continent’s storage sites are 72% full, compared to the average for the previous five years of 70.1%, data from Gas Infrastructure Europe show.

"Sakhalin-1 is a valuable non-Middle East source for Japan, which depends on the Middle East for 90% of its crude oil imports," said Haguida, the minister for economy, trade and industry.

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The Worldwide Rig Count for July was 1,775, up 69 from the 1,706 counted in June 2022,and up 395 from the 1,380 counted in July 2021.