U.S. commercial crude oil inventories increased by 4.3 million barrels from the previous week to 415.9 million barrels.

Compared to last year, the period from March 1 through March 15 saw increases in supplies to nine European countries, for instance, Italy (+51.7 per cent), Poland (+71.8 per cent), Croatia (+110.9 per cent), Greece (+34.6 per cent), Bulgaria (+24.4 per cent), as well as Turkey (+21.1 per cent).

Finance minister Shaukat Tarin told the Financial Times that a deal with Russia to build the multibillion-dollar Pakistan Stream pipeline “is almost done”.

Azerbaijan is willing to increase its gas supply to Europe via Turkey amid persisting concerns over natural gas supplies after Russia's invasion of Ukraine,

Japan also intends to work on renewables and nuclear power in a bid to further diversify its energy sources, as part of its response to the G7 joint statement, which calls for reducing Russian energy dependency in phases, Hagiuda said.

"Russia remains a reliable supplier, a world-class guarantor of energy security. We value this reputation, but are ready for a harsh confrontation in the energy sector, if the need arises,"

As it stands, Russia supplies some on average 1,600TWh of gas per year to Europe which represents 40% of Europe’s needs.

U.S. commercial crude oil inventories decreased by 1.9 million barrels from the previous week to 411.6 million barrels.

Turkey relies on Russia for 45% of its natural gas demand, 17% of oil and 40% of its gasoline, Deputy Energy and Natural Resources Minister Alparslan Bayraktar said in remarks on the sidelines of the CERAWeek energy conference.

On March 1, the U.S. Department of Energy committed to releasing 30 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) to ensure an adequate supply of petroleum in response to Russia’s further invasion of Ukraine.

he initial release of 60 mbl accounts for 4% of those stockpiles (1.5 Gbl) and would represent 2 mbl/d for 30 days

Engie said it would comply with any European sanctions that could potentially affect Russian gas supplies to Europe, but warned of the major impact such a move would have on the market.

U.S. commercial crude oil inventories decreased by 2.6 million barrels from the previous week to 413.4 million barrels.

Despite the latest unloading of Russian petroleum products in the US, shipments have recently been in decline. US imports of Russian crude oil have fallen to roughly 13,500 b/d since Jan. 1, down from an average of 199,000 b/d in 2021, according to the latest US data, reflecting declining reliance on Russian crude as the Ukraine crisis escalated.

The consortium has acquired 49% stake in Aramco Gas Pipelines Company, a subsidiary of Aramco, for $15.5 billion.