Gazprom launched supplies via the Power of Siberia pipeline in 2019 under a long-term agreement between Gazprom and China National Petroleum Corporation (CNPC), and supplies have been exceeding annual contractual obligations every year since 2020.

The European Commission will next month propose legal measures to phase out the EU's imports of all Russian gas and liquefied natural gas by the end of 2027, the EU executive said earlier in May.

The prospective deal would be the first of its kind between the countries and continues the expansion of Russia's reach in global energy markets and LNG competition with the United States.

Despite the global push for transition to cleaner sources of energy, India’s crude oil refining capacity is set to expand — to 450 million tons by the end of the decade from about 250 million tons now — on the back of growing domestic and overseas demand for oil products.

With prices linked to Henry Hub, market sources suggested that the cargoes are likely coming from the US. This is likely the first US LNG SPA signed by a Chinese company since the announcement of China's tariffs on US LNG.

Rising domestic demand, hot summers and rapidly deteriorating local production mean Egypt needs to buy increasing volumes of LNG.

According to CCI data, the largest monthly increase in April was shown by shipments through the port of Kozmino +17.79%, 139 thousand tons per day.

Russia currently delivers gas to China via the Power of Siberia 1 pipeline, which is part of a US$400 billion, 30-year agreement between Gazprom and China’s CNPC which was signed in 2014.

India’s imports of Russian crude are on track to hit 2.15 million barrels a day in April, the biggest monthly volume since May 2023, according to data from Kpler. Shipments have climbed since tumbling to a 14-month low in February.

On April 10, the US Department of the Treasury sanctioned nearly 30 oil tankers involved in shipping Iranian crudes, as well as a Chinese storage terminal.

The 2024-2025 storm season has underscored the vulnerability of the U.S. electrical grid, with a series of extreme weather events causing widespread power outages and significant economic losses.

The global oil demand growth forecast for 2025 is revised down slightly to 1.3 mb/d, y-o-y. This minor adjustment is mainly due to received data for 1Q25 and the expected impact on oil demand given recently announced US tariffs.

The French state partly owns Engie, which used to be among the biggest buyers of Gazprom's gas. Holleaux said Russia could supply around 20-25% of EU needs, down from 40% before the war.

Japan will continue participating in Russian liquefied natural gas (LNG) projects on Sakhalin Island due to their strategic importance for the country’s energy security,

Japan, South Korea and Taiwan have all said they are considering investments in a long-delayed $44 billion LNG export project in Alaska backed by Trump.