Adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for the month of September 2022

While the U.S. and European Union have already moved to ban imports of Russian oil into their ports, officials are now scrambling to curb Russia’s revenue from its oil sales globally and also avoid soaring energy prices during a time of high inflation.

Energy consumer prices are rising at an annual rate of nearly 40 per cent in the eurozone and 57 per cent in the UK, reflecting the surge in wholesale gas and oil prices after Russia’s invasion of Ukraine. That is drastically eating into households’ disposable income.

The incentive to reduce gas consumption is huge after Putin reduced supplies to Germany via the Nord Steam 1 pipeline. The Dutch TTF gas contract, a European benchmark, is trading above 205 euros ($209) per megawatt hour, 10 times its average in the decade through 2020 and equivalent to about $350 per barrel of oil.

TotalEnergies said it would boost spending on short-cycle projects this year to help ease Europe's growing energy supply crunch. It expects its full-year capital spending to hit $16 billion in 2022 as it hopes to increase its sources of European natural gas and produce more LNG in the coming months.

The Joint Technical Committee of OPEC+, which includes Russia, trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day to 800,000 bpd

The region imported almost 700,000 barrels a day of the fuel from Russia last month, higher than the previous month and a 22 per cent increase compared with July last year

The boom in STS activity involving Russian crude came as Moscow's seaborne oil exports defied Western sanctions to hit post-pandemic highs of 4 million b/d in April 2022.

Rosatom’s grip on the international nuclear-fuel cycle -- from mining uranium to engineering reactor assemblies -- makes it hard for Washington to exclude Russia from discussions about atomic power.

Russia has cut exports to Europe to multiyear lows this summer -- supplying less than a third of normal volumes -- and there’s no clarity on further moves.

Now the increase in Russian coal is pushing out US, South African, Australian, and some higher CV Indonesian coal.

Gas prices jumped more than 10% following Gazprom’s decision to reduce Nord Stream flows even further. Moscow has been curbing shipments to the EU for months over apparent retaliation for the bloc’s support for Ukraine and sanctions over Russia’s invasion.

Natural gas flows from Russia to Germany via the Nord Stream pipeline will fall to 33 million cu m/d at 0700 Moscow time (0500 BST) due to the cessation of operations on another Siemens gas turbine at Portovaya

“The resumption this morning of flows along Nord Stream is likely to lead to a collective sign of relief from not just the European gas market, but from the wider economy,”

Gazprom and NIOC signed a Memorandum of Understanding for strategic cooperation.