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.

The TANAP is the central part of the Southern Gas Corridor, which connects the Shah Deniz gas field in Azerbaijan to Europe through the South Caucasus Pipeline (in Azerbaijan and Georgia) and Trans Adriatic Pipeline (TAP, from Greece to Albania and Italy).

Nigeria, Niger and Algeria have approved a roadmap to develop the 30 bcm/year Trans-Saharan Gas Pipeline (TSGP) between Warri in Nigeria to Hassi R’Mel in Algeria, passing through Niger.

U.S. commercial crude oil inventories increased by 4.5 million barrels from the previous week to 416.0 million barrels.

Halting the certification process means the 55 Bcm/year pipeline -- which was completed in September -- will be unable to begin commercial operations.

In 2021, a large share of Europe’s supply of liquefied natural gas (LNG) originated in the United States, Qatar, and Russia.

"What we've seen over the last six months is that Gazprom has delivered always at the lowest level," she told the Munich Security Conference.

"In the current scenario, [the] demand for oil has outpaced production growth as economies slowly rebound from the worst of the pandemic, leaving the market with a small buffer to mitigate an oil supply shock," Singh said.

"With regards to gas, Russia is respecting its contractual obligations and is ready to provide additional quantities if they are required,"

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.