21/05/2026 – Power of Siberia 2: China and Russia renew their agreement, but a final deal has yet to be reached – Read more news

GAS & POWER: Russian President Putin’s visit to China came to an end yesterday. The two countries have renewed their agreement on the Power of Siberia 2 gas pipeline; however, according to reports in the Russian media, there is still no agreement on several key points or on the project’s final timeline. Moscow currently sends around 38 billion cubic metres of gas a year through the Power of Siberia 1 pipeline, a volume set to rise to 44 billion in the coming years. The PoS 2 project would add a further 50 billion cubic metres of capacity, although Beijing has recently adopted a decidedly more wait-and-see approach to the issue, in contrast to the strong pressure from Moscow to reach a final agreement.

OIL: US crude oil stocks fell for the fourth consecutive week, recording a reduction of around 8 million barrels as of Friday 15 May. At the same time, strategic reserves also fell by around 10 million barrels, whilst petrol stocks fell by around 1.5 million barrels.