U.S. Rig Count is up 7 from last week to 670, Canada Rig Count is down 36 from last week to 140.

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.

By 2025, carbon-free energy sources should account for 20% of the energy mix and 39% of the power mix.

"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.

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

Preliminary production figures for February 2022 show an average daily production of 1 980 000 barrels of oil, NGL and condensate.

U.S. Rig Count is unchanged from last week at 663, Canada Rig Count is down 30 from last week to 176.

Saudi Arabia and the United Kingdom signed a memorandum of understanding to establish a strategic partnership council. Earlier, Johnson met the Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al-Nayhan, in Abu Dhabi.

Compared to last year, the period from March 1 through March 15 saw increases in supplies to nine European countries, for instance, Italy (+51.7 per cent), Poland (+71.8 per cent), Croatia (+110.9 per cent), Greece (+34.6 per cent), Bulgaria (+24.4 per cent), as well as Turkey (+21.1 per cent).