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 |
Louisiana Light • 6 days | 73.77 | +0.89 | +1.22% | ||
|
Bonny Light • 135 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 6 days | 73.91 | +1.03 | +1.41% | ||
|
Mars US • 425 days | 73.93 | -1.23 | -1.64% | ||
|
Gasoline • 22 hours | 2.009 | +0.019 | +0.95% |
|
Bonny Light • 135 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 135 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 6 days | 73.91 | +1.03 | +1.41% |
|
Peace Sour • 2 days | 64.04 | +0.39 | +0.61% | ||
|
Light Sour Blend • 2 days | 65.89 | +0.39 | +0.60% | ||
|
Syncrude Sweet Premium • 2 days | 69.14 | +0.39 | +0.57% | ||
|
Central Alberta • 2 days | 64.09 | +0.39 | +0.61% |
|
Eagle Ford • 6 days | 67.08 | +0.98 | +1.48% | ||
|
Oklahoma Sweet • 6 days | 67.00 | +0.75 | +1.13% | ||
|
Kansas Common • 6 days | 57.43 | +0.98 | +1.74% | ||
|
Buena Vista • 7 days | 76.54 | -0.48 | -0.62% |
Permian Gas Struggles as Production Outpaces Capacity
The addition of 4.5 Bcf/d…
Is The Iraqi Oil Export Embargo Set To Be Lifted After Landmark Legal Ruling?
Despite a recent court ruling…
Power of Siberia Hits Full Throttle
Gazprom’s CEO Alexei Miller is ringing in the New Year with one heck of a performance review. The Power of Siberia pipeline, a cornerstone of Russia’s pivot to China, has exceeded its 2024 contract volume, delivering 31 billion cubic meters (bcm) of natural gas instead of the planned 30 bcm. The kicker? The pipeline hit full capacity—38 bcm per year—ahead of schedule, as Russia remains determined to cement its role as China’s top gas supplier.
This milestone isn’t just a technical feat; it’s a geopolitical statement. With Europe all but out of the picture post-Ukraine invasion, Russia is leaning heavily on China to make up the shortfall. In fact, Gazprom’s rapid acceleration of deliveries (20.8 bcm in just the first eight months of 2024) already signaled this was no ordinary year. And with Power of Siberia 2, it apears that Moscow has even grander ambitions—though negotiations for that pipeline remain stuck in a pricing quagmire.
But while Russia is flexing its infrastructure muscle, China is playing the long game. Although Beijing needs gas to fuel its growth, it doesn’t want to be stuck holding the energy equivalent of a monopoly card. Diversification is the name of the game, with LNG imports and other regional suppliers providing a counterbalance to Russia’s overtures. Mongolia’s decision to exclude Power of Siberia 2 from its five-year plan hints that China is keeping its options open.
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Still, the numbers are hard to ignore. Russia’s natural gas exports to China via pipeline and LNG are soaring, and Gazprom’s dominance is unmatched. Turkmenistan, once the top supplier of pipeline gas to China, has been firmly outpaced. And while Gazprom celebrates, OPEC and other energy producers grapple with shifting demand dynamics and a China keen on electrifying its fleet.
The figures suggest that Russia is all-in on China, and while that bet is paying off now, the long-term implications of putting too many eggs in one Beijing-shaped basket lie ahead.
By Julianne Geiger for Oilprice.com
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Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
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