Russia

Tanker transit statistics via the Suez Canal broke historic records in April as Europe sought to import more crude oil and LNG from the Arab Gulf to replace traditional supplies from Russia.

Sempra Infrastructure and Poland’s state-owned PGNiG oil and gas company have signed a deal that is expected to result in the export of 3 mtpa of LNG to Poland from Louisiana and Texas.

ExxonMobil has declared force majeure on its Sakhalin-1 operations in the Russian Far East as risk-averse shippers fearing sanctions refuse to transport Sakhalin crude and production starts to fall.

Schlumberger, Baker Hughes warn of an uncertain future for their work in Russia while Halliburton prepares for a full wind down. In turn, all look to North America for revenue growth.

As Europe’s second-largest LNG hub after Spain, the UK promises to play a near-term role as an “energy bridge” to ease the EU’s dependence on Russian energy, given that the UK can ship regasified product directly to the continent via subsea pipeline.

Forecast increased demand for natural gas globally will keep new US liquefaction projects and additional proposals moving forward.

Russia's Energy Ministry is limiting access to its statistics on oil and gas production and exports, it said.

The US oil and gas company's exit from Russia amid the ongoing military conflict freezes the Russian Far East LNG project and cripples Rosneft’s ambitions to become a competitive global LNG supplier.

Among the biggest questions for crude markets today is where Russia’s export volumes are headed and to whom.

A transatlantic task force will be formed to oversee the EU’s goal of reducing Europe’s dependence on Russian fossil fuels and strengthen European energy security.