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Russia’s finance ministry has slashed its forecast for taxable oil production for next year, a draft budget seen by Reuters showed on Friday. The draft budget covers the next three years and forecasts a decline in crude oil production and refining as Western sanctions bite... The finance ministry sees Russian oil and gas condensate production... a 7% - 8% decline from... (what) the ministry anticipated this year (after having already adjusted this year's estimate downward)... Expected oil refining volumes were cut by nearly 20%... The refusal of some countries to work with Russia in the oil markets and having to...

Greece and Bulgaria said on Tuesday a new liquefied natural gas (LNG) facility to be built off the northern Greek port of Alexandroupolis would help create a new gas route for Europe and cut reliance on Russian gas at a crucial moment... Greece has been supplying Bulgaria with gas since it was cut off by Russia... The new FSRU (a floating storage and regasification unit), which will be anchored about 18 kilometers (11 miles) off Alexandroupolis port and carry gas to the shore via a 28 kilometer long pipeline, is expected to start operations at the end of 2023. It...

Poland has been preparing to give up Russian gas fuel for a long time, so Gazprom's decision to turn off the tap did not surprise her. Rather, the inevitable has accelerated. Poland's energy security should not be jeopardized, but the gas turmoil may again have an impact on Poles' bills in a few months. The former president of PGNiG draws attention to one important element of the entire gas puzzle. On Wednesday at 8.00, Gazprom will officially suspend gas supplies to Poland under the Yamal contract . The day before, journalists reported that gas fuel transmission from the east fell...