European Union leaders agreed to pursue a partial ban on Russian oil, paving the way for a sixth package of sanctions to punish Russia and its president, Vladimir Putin, for the invasion of Ukraine.
China’s key state-run energy companies are in talks with Shell to buy its stake in a major Russian gas export project, according to people with knowledge of the matter.
Oil steadied in Asia after rallying back above $100 a barrel as Russian President Vladimir Putin vowed to continue the war in Ukraine, which has rattled markets and tightened global crude supply.
China imported twice as much liquefied natural gas (LNG) from Russia last month than a year earlier, despite weakened appetite for spot purchases because of high prices.
The world’s three biggest oilfield service providers are halting future work in Russia in response to President Vladimir Putin’s invasion of Ukraine, announcing their decisions separately and within 24 hours of each other.
China and Russia’s trade relationship has become more complicated since the war started more than three weeks ago, raising questions about the future flow of energy between the two powerhouses.
Energy ministers from the Group of Seven developed nations on Thursday agreed to boost efforts to cut their dependency on energy imports from Russia, Japanese industry minister Koichi Hagiuda said, reported Nikkei Asia.
While Syria makes only 0.04% of global petroleum supplies -- less than Cuba, New Zealand or Pakistan -- it calls one of the world’s biggest producing regions its neighborhood.