Russian oil and gas output at the Sakhalin-1 project in the Far East is only half of what it was projected to be for 2022 after Russia’s invasion of Ukraine set off a series of Western sanctions that led to the departure of ExxonMobil.
OPEC’s new secretary general said that Russia’s membership in OPEC+ is vital for the success of the agreement, Kuwait’s Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais.
Russia’s oil and gas revenues hit another record high despite sanctions designed to hurt the Russian economy.
Europe has given itself just five years to break its addiction to Russian oil and gas.
European Commission President Ursula von der Leyen said Friday that EU leaders had agreed to spend the next two months drafting proposals for eliminating the bloc’s dependency on Russian energy imports by 2027.