Sinopec's crude oil production almost reached 280 mbl in 2021 (39 Mt, -0.2% on 2020), including 250 mbl in China (stable) and 30 mbl overseas (-1.8%).

The sanctions against Russia are the hardest we have seen against any country to date and in particular the decision to freeze $600bn of Russian foreign reserves is a first, which will have huge consequences in the long-term.

Speaking to the Bundestag parliament, Scholz said German will continue to look to reduce its dependency on Russian oil and gas but warned "hasty" action could trigger a recession.

By 2025, carbon-free energy sources should account for 20% of the energy mix and 39% of the power mix.

The Saudi Arabian Oil Company (“Aramco” or “the Company”) announced its full-year 2021 financial results, reporting that net income more than doubled year-on-year to $110.0 billion. Aramco declared a fourth quarter dividend of $18.8 billion, to be paid in the first quarter of 2022.

Preliminary production figures for February 2022 show an average daily production of 1 980 000 barrels of oil, NGL and condensate.

Saudi Arabia and the United Kingdom signed a memorandum of understanding to establish a strategic partnership council. Earlier, Johnson met the Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al-Nayhan, in Abu Dhabi.

In 2021, Russia was the largest natural gas-exporting country in the world, the second-largest crude oil and condensates-exporting country after Saudi Arabia, and the third-largest coal-exporting country behind Indonesia and Australia.

"Russia's oil and petroleum product exports to India have approached $1 billion, and there are clear opportunities to increase this figure," said Russia's Deputy Prime Minister Alexander Novak, according to a statement shared by Russia's embassy in India late on Friday.

"We have good prospects and a common interest in continuing coordination on the global energy market, including within the framework of the Gas Exporting Countries Forum," Lavrov said at a press conference in Moscow following talks with his Qatari counterpart.

Saudi Arabia's national oil company Saudi Aramco has taken the final investment decision (FID) to participate in the development of a 300,000 bbl/d refinery in the city of Panjin, in China’s Liaoning Province.

The German energy group Uniper has decided to sever ties with Russia. Shell will withdraw from Russian hydrocarbons, including crude oil, petroleum products, gas and LNG in a phased manner.

The Brent price will average $117/b in March, $116/b in 2Q22, and $102/b in the second half of 2022 (2H22). We expect the average price to fall to $89/b in 2023.

ExxonMobil operates the Sakhalin-1 project on behalf of an international consortium of Japanese, Indian and Russian companies.

Shares in oil giant Aramco touched the highest level in its history of SR43.1 ($11.5) on Wednesday, propelled by a rally in the energy market.