According to Refinitiv data, Russian gas exports to Europe dropped to a new post-Soviet low in 2022, but its total LNG exports rose to approximately 33 million tonnes, with more than half of it going to Europe.
The European Commission hopes joint gas buying will help Europe to refill depleted storage caverns before next winter and to negotiate lower prices by using EU countries' collective buying power.
Imposition of Russian oil exports is set to take effect on Feb. 5, which is expected to negatively affect Europe's diesel market due to the region's dependence on diesel fuel imported from Russia.
A large energy-price shock still lies ahead for European corporates, but German companies' healthy finances and a state-imposed gas price cap will help keep the industry afloat, says study by Allianz Trade.
An initial public offering of ADNOC Gas could launch as soon as February as the company sharpens its focus on the gas market as Europe seeks to replace all Russian energy imports as early as mid-2024.
Venezuelan PDVSA launched an extensive audit of supply contracts to prevent buyers from skipping out on oil payments under the company's new CEO, Pedro Tellechea.
Shell will combine its oil and gas production and LNG divisions as part of broader changes under new CEO Wael Sawan, which the company said could result in some job cuts.
Oil steadied on Jan. 30 as looming interest rate hikes by major central banks and signs of strong Russian exports balanced rising Middle East tension over a drone attack in Iran and hopes of higher Chinese demand.
The London market would not be subject to the EU's gas price cap and will provide an option against possible trading prevention and risk exposure.
"The market has continued to weaken, mainly driven by a lack of demand from Asia, however the lower pricing has created opportunity for southeast Asia who we've seen issuing tenders," Trident LNG's Toby Copson said.