"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.

Russia is one of the three largest crude oil producers in the world, after the United States and Saudi Arabia. European countries—which have not banned Russian energy imports—generally import more of Russia’s crude oil and petroleum products than the United States.

Russian Urals cargoes basis CIF Rotterdam were assessed at a new record low of Dated Brent minus $30.99/b and for CIF Augusta at Dated Brent minus $30.69/b March 23.

«Добыча энергоресурсов идёт в стабильном режиме, а за первые два месяца этого года эти показатели оказались даже выше прошлогодних. Реализация продукции на экспорт идёт штатно», – подчеркнул Александр Новак.