OPEC, along with 10 allies led by Russia, has been gradually easing back production quotas it implemented at the start of the coronavirus pandemic by 400,000 b/d each month, aiming to return to pre-pandemic output levels by late 2022.

Indirect talks between Iran and the United States on salvaging the deal with world powers resumed on Tuesday after a 10-day break,

“When it comes to the Vienna talks on the lifting of sanctions, one of the key issues is to get the necessary guarantees, especially from the Western parties, about the fulfilment of their commitments,”

Nord Stream 1 appeared to be returning to full capacity, according to the operator's data, with hourly gas flow nominations reaching 73 GWh since the start of Feb. 1 gas day, compared with 69 GWh/h for Jan. 31.

Demand is expected to surpass pre-pandemic levels in the second half of the year "with a healthy recovery trend," the analysis showed, easing the market oversupply to 1.2 million b/d in the third quarter and 1.1 million b/d in the fourth.

In a recent twist, Berlin is no longer ruling out shelving the pipeline project. But Europe is currently facing a winter energy crunch. Prices of natural gas have skyrocketed in recent months, and stockpiles in EU countries are at a five-year low.

Already, oil prices have hit seven-year highs in recent days over the ratcheting tensions between the West and Russia over Ukraine.

Ukraine, which earns more than Poland from gas transit fees, may have to look at ways to diversify its own supplies and rethink its function in the European gas system. Until it does, it will continue to depend on Russia.

Oil, gas and resources companies, and trading desks, are fretting about the provisions around sanctions on Russian extractive industries, financial institutions and banks, Russian leaders and businessmen, and the use of global services, such as wire transfers.

The agreement between Iran and world powers lifted sanctions against Tehran in exchange for restrictions on its atomic activities.

Moscow plans to build a new pipeline to China, which could give Russia the power to sell gas to the highest bidder, pitting Chinese and European consumers against one another.

Efforts to impose sanctions on the Nord Stream 2, an undersea gas pipeline from Russia to Germany that would give Moscow enormous leverage over Europe, have long drawn bipartisan support on Capitol Hill,

Iran insists on immediate removal of all Trump-era sanctions in a verifiable process.

The operator Nord Stream 2 AG continues the necessary technical preparations for the pipeline ahead of its launch.

The Bundesnetzagentur on Nov. 16 suspended the procedure to certify Nord Stream 2 AG as an independent transmission operator while the company transferred assets to the German subsidiary to take over the application.