Japan sees an equity stake in the Sakhalin 1 oil, gas project important as it relies around 95% on Middle Eastern oil imports.

Growth in OPEC and non-OPEC oil production—most notably production in the United States— keeps the Brent crude oil price in our forecast lower on an annual average basis in 2023 than in 2022. Brent crude oil price will begin rising in 2H23.

“Türkiye, due to its geographical position, is an energy corridor from Russia, Iran, and Saudi Arabia. Any kind of natural gas or oil that is going to be transported or shipped, will cost less and will be shipped more safely,”

Aramco announces third quarter 2022 results Q3 net income rises 39% YoY to $42.4 billion; free cash flow increases to a record $45.0 billion

Concluding the plenary part, Maksim Malyarchuk, Executive Director of the Russian-Iraqi Business Council at the Chamber of Commerce and Industry of the Russian Federation, spoke about the activities of the Council and assistance to Russian and Iraqi companies in the new conditions.

China's crude imports from Russia have continued to stay elevated through 2022, averaging at 1.71 million b/d over January-August, up 7.3% year on year, according to customs data.

Benchmark futures declined as much as 12%, and are about 70% lower from the highs of August.

Benchmark futures declined as much as 4.8% on Friday and headed for a third straight weekly loss.

Germany stuck to its refusal to cap gas prices and the 27 could only agree to disagree, declaring they will keep on examining options to put a ceiling on costs.

While Europe lacks transparent data on who owns stored gas, the bulk is held by utilities, including state-owned companies, that will need to withdraw fuel to supply households and manufacturers, according to people familiar with the matter.

Preliminary production figures for September 2022 show an average daily production of 1 832 000 barrels of oil, NGL and condensate.

The bloc’s eighth round of sanctions state that if a tanker owner transports Russian crude above an agreed price threshold, their ship would be prohibited from getting EU services needed to ship the commodity, such as insurance, “in the future.”

The Brent crude oil spot price averages $93 per barrel (b) in the fourth quarter of 2022 (4Q22) and $95/b in 2023.

Traders are on edge with Russian President Vladimir Putin saying any energy infrastructure in the world is at risk after the Nord Stream explosions, which he said benefited the US, Ukraine and Poland.

European authorities are on high alert for any signs of sabotage on energy infrastructure since the destruction of the Nord Stream gas pipelines last month.