The Brent crude oil spot price averages $98 per barrel (b) in the fourth quarter of 2022 (4Q22) and $97/b in 2023.

Still, gas and electricity prices pared some of their large gains from earlier in the day as traders weighed the intervention plans.

Benchmark energy futures fell after jumping on Monday, with Dutch front-month gas losing as much as 13% and German year-ahead power falling 11%.

Russian flows of gas via the Nord Stream 1 pipeline, which runs under the Baltic Sea to Germany, remained at zero on Tuesday after Russia scrapped a Saturday deadline to resume flows following maintenance.

They reaffirmed their commitment to expand trade and economic relations, including promoting joint strategic projects in energy.

Gas prices surged more than 35% on Monday as traders reacted to Russia’s decision to keep its main gas pipeline shut indefinitely.

That should help to make future decision making easier. But it is not going to help keep us warm this winter or indeed even in winter 2024.

China imported six LNG cargoes of about 71,000 mt each from Russia's Yamal LNG terminal and three cargoes of about 62,000 mt each from the Sakhalin LNG terminal,

The growing emphasis on ESG is a key component in the upstream oil and gas industry.

Germany, which has the European Union’s biggest economy, and other countries intend restarting mothballed coal-fired power plants and extending the life of their nuclear power plants to reduce their reliance on Russian gas and coal following its invasion of Ukraine.

The EU’s energy agency, Acer, has warned against tearing up the market structure. In a report in April, it said that the EU’s wholesale electricity markets work well under normal conditions, ensuring secure electricity supply.

Gazprom's gas exports to Europe have slumped in 2022, but record high gas prices meant the company was still able to post record revenues and net profit for the first half.

High spot LNG prices are causing end users to look to alternative fuels for their energy needs,

Asked if there are guarantees that Gazprom will restart gas flows via Nord Stream 1, the Kremlin's Peskov said: "There are guarantees that, apart from technological problems caused by sanctions, nothing hinders the supplies."

A three-day halt of the Nord Stream pipeline -- a key source of natural gas for the European Union -- starts on Wednesday, and concerns are widespread that Moscow will find another excuse to clamp down on supplies, putting the region at the mercy of the weather.