Ukraine

Russia plans to ship 2.1 million barrels per day from its western ports in September, revising exports upward amid lower domestic demand following drone attacks on key refineries.
OPEC+ begins a new phase of gradual production increases, starting to lift 1.65 million barrels/day of voluntary cuts after the early conclusion of a 2.2 million barrels/day phaseout.

Two sanctioned Russian LNG carriers deliver to China despite restrictions

The Voskhod and Zarya vessels, targeted by Western sanctions, departed China’s Beihai terminal after potentially offloading liquefied natural gas from the Arctic LNG 2 project.
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The International Atomic Energy Agency warns that little time remains to reach an agreement with Iran on fully resuming inspections, as European sanctions could be reimposed within 30 days.
Eight OPEC+ members will meet to adjust their quotas as forecasts point to a global surplus of 3 million barrels per day by year-end.

Greek shipowners cut Russian crude links under new compliance rules

Greek shipping companies are gradually withdrawing from transporting Russian crude as the European Union tightens compliance conditions on price caps.
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The Ukrainian president demanded that Slovakia end its imports of Russian crude, offering an alternative supply solution amid ongoing war and growing diplomatic tensions over the Druzhba pipeline.
A key station on the Stalnoy Kon pipeline, essential for transporting petroleum products between Belarus and Russia, was targeted in a drone strike carried out by Ukrainian forces in Bryansk Oblast.

Italy seeks energy guarantees in potential sale of IP to SOCAR

The Italian government is demanding assurances on fuel supply security before approving the sale of Italiana Petroli to Azerbaijan's state-owned energy group SOCAR, as negotiations continue.
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Rosneft Germany announces the resumption of oil deliveries to the PCK refinery, following repairs to the Druzhba pipeline hit by a drone strike in Russia that disrupted Kazakh supply.
The new Russian railway line linking the Elga mine to the Sea of Okhotsk port will reach full capacity in 2026, after an operational testing phase scheduled for 2025.

Indian imports of Russian oil rise 15% in first half of 2025

India increased its purchases of Russian oil and petroleum products by 15% over six months, despite new US trade sanctions targeting these transactions.
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Gazprom and China National Petroleum Corporation have signed a binding memorandum to build the Power of Siberia 2 pipeline, set to deliver 50 bcm of Russian gas per year to China via Mongolia.
Russian group T Plus plans to stabilise its electricity output at 57.6 TWh in 2025, despite a decline recorded in the first half of the year, according to Chief Executive Officer Pavel Snikkars.

Indonesia and Eurasian Economic Union to sign free trade deal by end of 2025

Indonesia will finalise a free trade agreement with the Eurasian Economic Union by year-end, paving the way for expanded energy projects with Russia, including refining and natural gas.
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During a meeting in Beijing, Vladimir Putin called on Slovakia to suspend its energy deliveries to Ukraine, citing Ukrainian strikes on Russian energy infrastructure as justification.
Vladimir Putin and Robert Fico met in China to address the war in Ukraine, regional security and energy relations between Russia and Slovakia.

Aramco and SOMO suspend crude supplies to India’s Nayara Energy

Saudi and Iraqi exporters halted supplies to Nayara Energy, forcing the Rosneft-controlled Indian refiner to rely solely on Russian crude in August.
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Russian nuclear group Rosatom has confirmed advanced discussions with India and Turkey to launch new power plants, including advanced and floating reactor technologies.
Budapest plans to complete a new oil link with Belgrade by 2027, despite risks of dependency on Russian flows amid ongoing strikes on infrastructure.
Tepco initiates a new attempt to remove radioactive debris from Fukushima, a major step in the complex process of dismantling the nuclear power plant, more than ten years after the 2011 accident.
The Draghi report calls for a more coordinated EU gas purchasing strategy to reduce exposure to spot prices and curb speculation on gas markets.

Russia: oil and gas revenue forecasts revised upwards

The Russian Ministry of the Economy forecasts $239.7 billion in revenues from oil and gas exports in 2024, up $17.4 billion on previous estimates.
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Following sanctions on Lukoil, Slovakia and Hungary are increasing their imports of Tatneft crude via the Druzhba pipeline, underlining the complexity of energy security in Central Europe.
Re-elected with 95% of the vote, Abdelmadjid Tebboune is strengthening his strategic alliances with Russia and Italy, and stepping up investment in gas, nuclear and renewable energies. But this approach raises questions about economic sustainability and the risks of dependency.

IAEA: Increased risks for Kursk and Zaporizhzhzhia nuclear power plants

Rafael Grossi, Director General of the International Atomic Energy Agency (IAEA), warns of threats to the Kursk and Zaporizhia nuclear power plants, which are exposed to military tensions in Russia and Ukraine.
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Saudi Arabia has identified Italy as a key partner for the export of green hydrogen to Europe, in response to growing demand for low-carbon energy solutions.
Despite Western sanctions, Sovcomflot retains a significant share of Russia's non-G7 crude oil exports, exceeding 80% in August. New U.S. sanctions increase pressure to reduce Russian revenues.

Sanctions: Russian maneuvers to exploit the Arctic fail

The United States is stepping up its pressure on Russia's Arctic LNG 2 project by imposing new sanctions against companies and vessels involved, further complicating Moscow's liquefied gas export capabilities.
Arctic LNG 2 site, Russia
The announcement that Russian gas transit via Ukraine will cease in a few months' time is changing the energy dynamic in Europe and redefining supply and diversification strategies. This article analyzes the economic, geopolitical and logistical consequences for the various players involved.
Under pressure from falling prices, OPEC+ decided to extend the production cut by 2.2 million barrels per day until December 2024 to maintain market balance.

Brent crude falls to a 9-month record low: Markets in a state of uncertainty

Brent crude prices fell sharply on expectations of a rapid resumption of Libyan exports and possible adjustments to OPEC+ production cuts.
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The IAEA expresses its concerns about the safety of the Kursk and Zaporizhia nuclear power plants, threatened by armed conflict in Ukraine, during a meeting between Rafael Grossi and Volodymyr Zelensky.
Orano, a leader in the French nuclear sector, chooses Tennessee to develop a uranium enrichment plant, strengthening the United States' energy autonomy in the face of geopolitical risks linked to Russia.

Russian oil exports down on Asian demand

Exports of Russian petroleum products fell sharply in August, to a level not seen since the pandemic, due to weaker demand in Asia and a shift towards the domestic market.
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Romania, Azerbaijan, Georgia and Hungary create a joint venture to establish an energy corridor via a submarine cable, linking the electricity markets of Eastern Europe.
Abdelmadjid Tebboune, Algerian President and candidate for re-election, is focusing his strategy on economic reforms against a backdrop of dependence on hydrocarbons and criticism of the political status quo.

Climate: Strategic dialogue between the United States and China ahead of COP29

Climate envoys from Washington and Beijing are meeting this week to strengthen cooperation on energy and climate policies, ahead of COP29 in Azerbaijan.
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Fortum now uses fuel from Westinghouse Electric Company for its Loviisa reactors, a strategic move to diversify supplies and strengthen Finland's energy security.
Diesel prices fall to €1.60/L, returning to pre-Russian invasion levels, despite the volatility of the oil market.