Commenting on the Russia-Ukraine conflict, Saudi Arabia’s Prince Abdulaziz bin Salman said that OPEC puts political differences aside when its ministers meet and OPEC+ is doing the same.

Russian deputy prime minister Alexander Novak said March 23 that it was too early to talk about an adjustment to Russia's quota under the agreement, as Russia continues to supply the market.

Russian gas deliveries to Europe on three key pipeline routes were broadly steady on Wednesday morning

In the global market, 70% of LNG is exported under long-term contracts. Therefore, the remaining 30% is sold to the country with the highest bid in the spot market.

Crude oil exported from countries including Kazakhstan, Azerbaijan, and Turkmenistan moves through Russia’s energy export infrastructure.

Brent rose $1.41, or 1.3%, to $113.89 a barrel, WTI was up 95 cents, or 0.9%, at $106.91.

The sanctions against Russia are the hardest we have seen against any country to date and in particular the decision to freeze $600bn of Russian foreign reserves is a first, which will have huge consequences in the long-term.

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.