It added that deliveries on Feb. 24 are set at 83 million cubic meters, a 31.4% increase on Feb. 23.

“Welcome to the new world where Europeans will soon have to pay 2,000 euros ($2,270) per thousand cubic meters!” he tweeted – suggesting prices were set to double.

Halting the certification process means the 55 Bcm/year pipeline -- which was completed in September -- will be unable to begin commercial operations.

"To be clear: these measures are separate from and would be in addition to the swift and severe economic measures we have been preparing in coordination with Allies and partners should Russia further invade Ukraine," Psaki said.

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.