Gazprom and NIOC signed a Memorandum of Understanding for strategic cooperation.

“Until now I thought we had shot ourselves in the foot,” Orban said. “Now it’s more like the European economy had shot itself in the lungs and it’s now struggling to breathe.”

During the past 12 months (July 2021–June 2022), the monthly average Henry Hub natural gas spot price, which is a U.S. benchmark, nearly doubled

"What is definitely problematic is to include energy into the sanctions, because a rule must be observed that the sanctions must have a greater impact on Russia than on the countries imposing the sanctions."

The spot price of Brent crude oil averaged $71 per barrel (b) in 2021, and we forecast the Brent price will average $104/b in 2022 and $94/b in 2023.

They focused on tasks to further promote economic cooperation, including measures to improve the contractual legal framework, boost trade and use national currencies in transactions, as well as to ensure uninterrupted supplies of Russian energy.

They reaffirmed their mutual resolve to further strengthen the strategic partnership and alliance between the two countries, and to consistently implement concrete trade, economic and energy projects.

Закупки валют недружественных стран, прежде всего долларов и евро, сейчас невозможны. В обозримом будущем картина не изменится. Для нас эти валюты токсичны: наши резервы заморожены, активы бизнеса арестованы, вводятся ограничения на расчеты.

In June 2022 Gazprom had reduced gas supplies over the Nord Stream 1 pipeline to 67 mcm/d (24.5 bcm/year).

Global LNG export capacity has increased by 29%, or 14.0 Bcf/d, over the past five years (2017–21).

Europe’s energy industry has been plunged further into turmoil since Russia deepened its supply cuts last month.

Russia's Gazprom on June 16 cut gas supplies via the Nord Stream pipeline to Germany to just 40% of capacity, citing maintenance issues with gas turbines at the key Portovaya compressor station.

Hydrogen is becoming a more versatile fuel, however, and is receiving interest in energy storage, as a transportation fuel, as a fuel for electricity generation, and as a fuel for heating.

Green means the hydrogen has been made using electricity and from renewable sources. But as with electric cars, the environmental footprint is determined by the power mix carbon intensity if it is connected to the grid.

Dutch front-month gas, the European benchmark, fell as much as 10%, and was 6.4% lower at 171.49 euros per megawatt-hour at 9:49 a.m. in Amsterdam. The contract has doubled over the past month. The UK equivalent declined 6.2%, but was also heading for a weekly gain.