Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the fourth quarter of 2016. In the third quarter, real GDP increased 3.5 percent.

Iran will begin exporting 100,000b/d of crude oil to Russia within the next two week, Iranian Minister of Petroleum Bijan Zangeneh said.

It was noted that Gazprom’s gas supplies to the German market had reached a record of 49.8 billion cubic meters in 2016. The upward trend in gas demand continues in early 2017. In January, gas exports grew by 23.2 per cent versus the corresponding month of 2016. Between February 1 and February 15, gas deliveries added 37 per cent compared to the same period of last year.

Gazprom and CNPC broadening strategic cooperation in energy sector

Oil supplies fell by around 1.5 million barrels per day last month, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with a six-month output-cut deal reached in December by big producers to boost prices.

Now the human drama watch begins; will Putin cave in to the demands of the West to renounce his allies in exchange for the improved relation and the dropping of sanctions?

The European Union, although reliant on Russian oil and gas, says it will never recognize Moscow's 2014 annexation of Ukraine's Crimea peninsula and expects the Kremlin to abide by the Minsk peace deal brokered for eastern Ukraine.

"За январь статистика показывает, что колебания цен были в диапазоне примерно 5 долларов относительно средней, 55 долларов. Можно говорить и о постепенном восстановлении инвестиционной привлекательности отрасли, в этом году впервые за последние три года все участники рынка ожидают увеличения инвестиций в отрасль, что позволит в будущем избежать обвала добычи"

Therefore, OPEC has raised its supply to Asia, and Russia has also re-routed a great chunk of its rising production toward China and the Asia-Pacific over the past decade. Russia surpassed Saudi Arabia as China's biggest supplier last year, exporting 1.05 million bpd of crude versus Saudi Arabia's 1.02 million.

Despite a drive by the European Union to diversify gas supplies and reduce its reliance on Russian imports, Gazprom increased its market share in Europe to 34 percent last year from 31 percent in 2015, posing a challenge to policymakers.