The dependence on Russian natural gas in Germany is so great that if supplies from Russia were to be stopped and the remaining quantities of natural gas distributed to Europe, Germany would have to reduce its natural gas consumption in the heating gas sector or in the industrial sector by 100 TWh per year .

Brent slid as low as $115.32 a barrel, WTI hit a low of $108.28 a barrel.

Russian gas deliveries to Europe on three main pipeline routes were stable on Monday morning, with the Yamal-Europe pipeline continuing to flow eastwards from Germany into Poland.

"Currently the company's operations and business in Russia are largely running smooth and there are no signs of asset impairment," Sinopec's President Yu Baocai told investors and reporters during a call following its 2021 earnings release.

Japan's Sakhalin Oil and Gas Development (SODECO) owns a 30% stake in the Sakhalin-1 project from which Exxon has said it would exit. Japex owns 15.285% in SODECO.

Brent fell 46 cents, or 0.4%, to $118.57 a barrel, WTI ell 47 cents, or 0.4%, to $111.87 a barrel.

OPEC has told the EU that global energy markets would be destabilized if European countries follow through with a threat to ban imports of Russian oil,

In a circular carried by state-run Saudi Press Agency, the cabinet stressed "the importance of the essential role of the OPEC+ agreement in the balance and stability of oil markets."

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.