Russia’s natural gas production fell by more than 13% in 2022, according to preliminary data published by the Russian state statistics service Rosstat.

Ukraine, whose largest nuclear power plant, Zaporizhzhia, has been under Russian military control since early March 2022, has been calling for the sanctions to include the nuclear energy sector.

Brent fell 34 cents, or 0.4%, to $81.83 a barrel, WTI slid 37 cents, or 0.5%, to $75.51.

JMMC reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022,

Total Russian pipeline exports to Europe in January via the two remaining major supply routes were 36% down on deliveries in December and 79% lower year on year.

Brent gained 8 cents, or 0.1%, to $85.54 a barrel, WTI rose 20 cents, or 0.2%, to $79.07 a barrel.

Further development of bilateral cooperation in the political, trade, economic and energy sectors, as well as cooperation within the OPEC Plus group to provide the stability of global oil market were discussed.

"National consultations have clearly shown that the Hungarians do not want sanctions, because they will not help Ukraine, they will not bring Russia to its knees and will only cause terrible damage to Europe and Hungary," Orban stressed. He believes the results of the national consultations will be a significant help in his discussions with the leadership of the EU and other countries.

The cold spell next week signals the possibility of heavier withdrawals from the region’s gas storage sites, though inventories are still almost 73% full and well above average levels of the last five years.

Brent fell 74 cents, or 0.8%, to $85.92 a barrel , WTI was at $79.07 a barrel, down 61 cents, or 0.8%.