Russia is still likely to be Europe's biggest supplier of gas. Volume-wise, no one will be able to compete with Russia in Europe, at least for the next two decades.

The volume of gas supply via the western route might be boosted to 60 and to 100 billion cubic meters of gas a year.

China started construction last week of a pipeline to receive Russian gas, Russian state gas company Gazprom said on Tuesday.

An increasingly assertive China has warned that World War 3 is "inevitable" unless the United States stops meddling in the South China Sea affairs. Earlier this week, the People's Liberation Army (PLA) said in a new white paper that it is going to up the ante in the South China Sea. In a sign of its growing self-confidence, Beijing said that it would now focus less on defensive capabilities, and step up efforts to build offensive capabilities.

China’s CNPC said Tuesday that it has made the country’s first ever tight oil discovery to exceed 100 million tons.

Turkmenistan is systematically increasing the volumes of contracts for the gas supply to China. And taking into account the growing demand for gas in China, the gas supplies from Turkmenistan to China will continue to grow.

China's April imports of crude oil from Middle East suppliers rose 10% year on year to a record high of 16.61 million mt or 4.06 million b/d, led by Saudi Arabian supply, according to detailed data released Saturday by the General Administration of Customs.

Prices have also risen with internationally traded Brent recovering from a six-year low near $45 a barrel in January to $64.90 on Wednesday.

The World Bank’s private lending arm is targeting investments in natural gas companies in China, the largest growing market for the fuel.

Russia is developing non-dollar financing and ties with China in the face of U.S. and EU sanctions