During 2021, twenty five of the region's leading banks collectively provided $55 billion to energy companies planning to expand oil and gas production,

U.S. Rig Count is up 22 from last week to 635, Canada Rig Count is up 1 from last week to 219.

Stocks were now at 35%-36%, under the "critical level" of 40%, which the German government deems is necessary to withstand seven straight days of an extreme cold snap.

European Commission Vice President Josep Borrell said Russia was using Europe's reliance on its energy exports for "geopolitical gain in the middle of a surge of energy prices worldwide."

She did acknowledge, however, that Gazprom was fulfilling its contracts, "but only at the bottom end of its commitments."

State-run oil giant Rosneft signed a 10-year supply deal with China's CNPC for supplies of 100 million mt, or 200,821 b/d, of crude. Russia's Gazprom signed a 10 Bcm/year gas supply deal with CNPC which will see Gazprom's pipeline supplies to China reach 48 Bcm.

“This is already a second contract to be signed for Russian gas supplies to China, and it is indicative of the exceptionally strong mutual trust and partnership between our countries and companies. Our Chinese partners from CNPC have already seen for themselves that Gazprom is a reliable gas supplier,” said Alexey Miller.

The Worldwide Rig Count for January was 1,632, up 69 from the 1,563 counted in December 2021,and up 449 from the 1,183 counted in January 2021.

U.S. Rig Count is up 3 from last week to 613 , Canada Rig Count is up 1 from last week to 218.

"Aside from a few additional Bcms which could be squeezed out of (mainly LNG) exporters -- probably only on an emergency basis -- there is no substantial, immediately available gas which could compensate for any significant interruption of Russian gas supplies,"