The participants discussed ways to ensure Russia’s technological sovereignty in the electricity and heating sectors, including by localising the manufacturing of energy-efficient equipment for high-capacity gas turbines and providing for the maintenance of imported gas turbine power units, as well as switching to Russian software in the electricity and heating sectors

The EU banned imports of Russian oil products from Feb. 5, two months after imposing restrictions on seaborne crude shipments from the country.

At the same time, Russian LNG imports into the EU rose by around a third to 14.1 million mt (19 Bcm), but it was LNG from other sources -- the US in particular -- that helped fill some of the gap left by lost Russian gas.

Even though Europe has significantly cut its reliance on Russian gas, a lot of the storage that they used to cut the reliance was actually Russian gas from the past.

Angola is among the hardest hit at the moment, with daily exports to China falling 27% so far this month compared with whole of February last year.

Overall gas use in the 27-nation European Union plunged by 19.3% from August to January compared with the five-year average for the same period,

Refiners in India, which rarely used to buy Russian oil because of costly logistics, have emerged as Russia's key oil client

Gas markets are in “better shape than many expected one year ago,” IEA Executive Director Fatih Birol said. “But the reality is that winter 2023-2024 is likely to be the real test.”

Benchmark futures are now trading just above €50, near the lowest levels since September 2021.

China has imported about 2.3 million mt HSFO over December-January, about 235% higher compared to 687,000 mt during November-December, according to Kpler shipping data.

Moscow’s move deepens the 2 million barrel-a-day production cut announced late last year by OPEC+, which Russia leads along with Saudi Arabia.

Eastern Operating Domain is a key project in developing railway infrastructure, and that it is necessary to use every opportunity to expand transport and traffic capacity in the Far East.

India's oil imports from Russia are likely to continue to rise this year mainly because of the steeply discounted prices it is selling at, he said, and assuming there are "no further stringent actions by the Western countries targeting Russian oil."

Director general of Russia's nuclear power company Rosatom, Alexey Likhachov, said the agreement marked "a new chapter in the history of Russian-Myanmar relations, the 75th anniversary of which we are celebrating this year".

OPEC+ is a 23-country bloc of oil producing countries co-chaired by Saudi Arabia and Russia. It agreed in October to slash quotas by 2 million b/d from November until the end of 2023.