Russia to supply 39 billion cubic meters of gas to China

Russian Deputy Prime Minister Alexander Novak announced that Russia expects to supply 39 billion cubic meters of gas to China this year via the Power of Siberia pipeline. While the project's official capacity is 38 billion cubic meters, Novak stated that the actual supply is expected to exceed the main contract. There is also an agreement in place to increase gas supplies to 44 billion cubic meters.

Regarding the global oil market, Novak noted that the first ship carrying Russian diesel has departed the Arctic port of Dikson for the international market. He emphasized that Moscow faces no issues selling oil and that many nations remain interested in purchasing Russian supplies.

Novak also addressed global energy shortages, stating the market is currently facing a deficit of approximately 4 to 6 million barrels of oil per day. He warned that prices could rise further if tensions in the Strait of Hormuz do not improve, though he suggested market balance might return within a year to a year and a half if supplies from Persian Gulf countries are restored.