Gas prices surged 10%, with ICE Brent futures rising to $1,359/1,000 cu m, up from $1,240/1,000 cu m following Putin's remarks

For the past few weeks, the International Atomic Energy Agency (IAEA) has been actively working to ensure the safety and security of all nuclear installations in Ukraine during these dramatic and unique circumstances where major nuclear facilities are operating in an armed conflict zone.

Russia accounts for about 40% of the European Union’s gas demand, and about a third of those shipments transit Ukraine.

Vladimir Putin had a telephone conversation with President of the Republic of Turkey Recep Tayyip Erdogan.

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).

Nuclear safety and security in Ukraine topped the agenda of the annual meeting, which was postponed since 2020 because of the COVID-19 pandemic.

The previous government last year sent security questionnaires to three potential bidders – Westinghouse of the US, France’s EDF and South Korea’s KHNP – after state corporations from China and Russia were excluded on security grounds.

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.

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,

"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.

Following the meetings, Grossi posted pictures of the talks, giving an upbeat update: "Constructive and important meeting with Sergei Lavrov in Antalya, Turkey, this afternoon. We are making progress on the safety and security of nuclear facilities in Ukaine." "Important and forward-looking conversations with Dmytro Kuleba today in Antalya, Turkey. Progress being made on the safety and security of nuclear facilities in Ukraine."

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.

Regarding the status of Ukraine’s operational nuclear power plants, the regulator said eight of the country’s 15 reactors remained operating, including two at the Zaporizhzhya NPP.

The proposed measures are fully consistent with the EU's European Green Deal and Fit for 55, and pave the way for further emissions reductions in the years to come, the IEA said.