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Putin Lauds Energy Ties With China This Week

OIL

Russian President Putin has wrapped up his two-day visit to China Thursday, praising “unprecedented” energy ties between the nations but little in the way of major new developments.

  • "One of the key areas of this relationship is energy cooperation, which is becoming increasingly active," Putin said.
  • Russia became China’s main oil supplier in 2023, overtaking China, a change referred to by Russian officials in China this week.
  • In the background, Putin and his officials are pushing to get the Power of Siberia 2 pipeline to China approved so it has a long-term outlet for gas. It lost Europe after the Nord Stream pipeline was blown up last year.
  • China knows they hold the power in this discussion and are likely pushing a hard bargain with Russia to have any chance of it being approved.
Energy BulletsCommodities
Energy BulletsCommodities

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