March 2022

he price of OPEC basket of thirteen crudes stood at $118.72 a barrel on Thursday

Russian gas deliveries to Europe on three main pipeline routes were stable on Monday morning, with the Yamal-Europe pipeline continuing to flow eastwards from Germany into Poland.

"Currently the company's operations and business in Russia are largely running smooth and there are no signs of asset impairment," Sinopec's President Yu Baocai told investors and reporters during a call following its 2021 earnings release.

Following a meeting with European Commission President Ursula von der Leyen in Brussels, President Joe Biden announced a new task force between the US and EU with a "joint game plan" to quickly reduce Europe's dependence on Russian gas

Japan's Sakhalin Oil and Gas Development (SODECO) owns a 30% stake in the Sakhalin-1 project from which Exxon has said it would exit. Japex owns 15.285% in SODECO.

Saudi Arabia and Kuwait signed an agreement for the development plan of the Dorra gas field, called Arash by Iran, according to a statement by both countries on March 21.

The CEO of the National Iranian Oil Company (NIOC) announced the prospect of a daily production capacity of 4 million barrels of crude oil in the calendar year of 1401 which began on March 21.

U.S. Rig Count is up 7 from last week to 670, Canada Rig Count is down 36 from last week to 140.

Brent fell 46 cents, or 0.4%, to $118.57 a barrel, WTI ell 47 cents, or 0.4%, to $111.87 a barrel.

OPEC has told the EU that global energy markets would be destabilized if European countries follow through with a threat to ban imports of Russian oil,