Russia has cut exports to Europe to multiyear lows this summer -- supplying less than a third of normal volumes -- and there’s no clarity on further moves.

Gas prices jumped more than 10% following Gazprom’s decision to reduce Nord Stream flows even further. Moscow has been curbing shipments to the EU for months over apparent retaliation for the bloc’s support for Ukraine and sanctions over Russia’s invasion.

Natural gas flows from Russia to Germany via the Nord Stream pipeline will fall to 33 million cu m/d at 0700 Moscow time (0500 BST) due to the cessation of operations on another Siemens gas turbine at Portovaya

Most U.S. LNG exports went to the EU and the UK during the first five months of this year, accounting for 71%, or 8.2 Bcf/d, of the total U.S. LNG exports

“The resumption this morning of flows along Nord Stream is likely to lead to a collective sign of relief from not just the European gas market, but from the wider economy,”

Steady inflows have lengthened waiting times for Very Large Gas Carriers to discharge at India's terminals,

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.

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).