The Company's gas exports to the countries beyond the FSU amounted to 17.9 billion cubic meters, which is 35.5 per cent (or 9.8 billion cubic meters) lower than the figure for the same period of 2021.

U.S. natural gas marketed production will increase to an average of 104.4 billion cubic feet per day (Bcf/d) in 2022 and then further increase to a record-high 106.6 Bcf/d in 2023

Russia sees the decision of the European Commission to classify nuclear energy and gas as clean energy sources as "important" and expects it to come into force in the next six months, Novak said.

The $11-billion pipeline, which has faced stiff opposition from the United States and some European states, was built last September across the Baltic Sea from Russia to Germany, but has been idle pending German and EU regulatory clearance.

The main negative effect for consumers is that energy systems become less predictable and less stable as the share of RES in their structure grows bigger. Generation of power from RES depends on weather and lacks stability. For instance, this factor had a significant influence on the European energy market in 2021.

Austrian oil company OMV is one of Russian gas giant Gazprom's partners in the pipeline project connecting Russia to Germany, which has been completed but is not yet operational as it is awaiting German and EU regulatory approval.

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.

This dynamic leads to rising global oil inventories from 2Q22 through the end of 2023, and the Brent spot price will fall to an average of $87/b in 2Q22 and $75/b in 4Q22. The Brent price will average $68/b for all of 2023.

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.

"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,"

The Commission said that, after taking account of scientific advice and current technological progress, it considers there is a role for private investment in gas and nuclear activities in the transition.

In January 2021, Azerbaijan started commercial gas supplies to Europe via the Trans-Adriatic Pipeline, which entered operations in November 2020.