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Overview
Russia and the other former Soviet republics are often viewed as remote and obscure, but FSU OGM sheds light on the vital role these countries play in world energy markets. It explains the region's status as a key player in the EU's energy planning, while also focusing on the progress of efforts to expand deliveries to Asia.
Leading commentaries in recent years have covered the economic consequences of political unrest in Ukraine, efforts to open the Southern Gas Corridor between the Caspian Sea Basin and the EU, competition between Russia and Central Asia for access to the Chinese gas market and the continued rise in Russian liquids production.
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Caspian Pipeline Consortium increases oil export by 8% in June
The Caspian Pipeline Consortium (CPC) raised its oil export by 8% in June compared to May, reaching 6.177mn tonnes, or approximately 1.63mn barrels per day, Reuters reported on July 14, citing two industry sources.
Azerbaijan produced 25.2bcm of natural gas in H1 2025
Azerbaijan produced 25.2bcm of natural gas in H1 2025
Azerbaijan produced 13.7mn tonnes of oil in H1 2024
The Azeri-Chirag-Gunashli (ACG) block accounted for 8mn tonnes, Shah Deniz for 1.9mn tonnes (condensate), and Absheron for 0.3mn tonnes (condensate). SOCAR’s output stood at 3.5mn tonnes, including condensate.
KazMunayGaz and Hungary’s MOL agree oil volumes, but pricing talks delay shipments
Kazakhstan’s state oil company KazMunayGaz and Hungary’s MOL Group have agreed on the volume of Kazakh crude oil to be delivered to Budapest via pipeline, though pricing negotiations are still ongoing, Upstream reported on July 14.
SOCAR to supply Syria with gas
SOCAR has signed a memorandum of understanding to supply natural gas to Syria
Iran responds to Azerbaijan energy projects with Caspian Sea drilling
Iran has launched exploratory drilling operations in the Caspian Sea after years of neglecting the region due to sanctions constraints and cheaper extraction costs from southern oil fields.
Kazakhstan unveils first domestically produced petroleum tank wagon
Kazakhstan has presented its first domestically produced tank wagon for transporting petroleum products, ROLLINGSTOCK reported on July 11.
Russian oil major Tatneft takes control of plastic packaging Petrus
Russian regional oil major Tatneft of the Tatarstan Republic took control of a Russian plastic packaging producer Petrus under a special presidential decree.
EC proposes floating Russian oil cap rate at 15% below global price
The European Commission has proposed a floating price cap on Russian crude oil set at 15% below the average global market price over the previous three months, European Union diplomats said on July 11.
Gazprom, CNPC hold further talks on Russian gas export prospects
Neither side publicly indicated any progress had been made on reaching a contract for gas supplies via Moscow’s planned Power of Siberia 2 pipeline to China.
Naftogaz and Baker Hughes sign strategic agreement to modernise Ukraine’s energy sector
Ukraine’s state-owned energy firm Naftogaz has signed a strategic memorandum of understanding (MoU) with global energy technology company Baker Hughes to explore cooperation in modernising and strengthening Ukraine’s energy infrastructure.
EU mulls further cut in Russian oil price cap
The EU is considering a proposal to reduce the price cap on Russian oil from the current $60 per barrel and to introduce a mechanism for reviewing the cap every three months based on market trends.
Refined oil product sales up 3% in H1 at Russia's SPIMEX
Refined oil product sales on the St. Petersburg International Mercantile Exchange totalled 18.2mn tonnes in January-June 2025, up 3% year on year and the highest volume on record.
Russia's Novatek achieves 2.6% growth in output in Q2
Russian gas producer Novatek reported on July 11 a 2.6% year-on-year rise in hydrocarbon output in the second quarter of 2025.
Final investment decision on Karachaganak gas plant expected by late 2025, energy ministry says
The announcement comes just one week after the ministry stated it was cancelling previous plans to develop the facility in partnership with the project’s mainly foreign shareholders.
Ukraine proposes lithium, gas and refinery projects under new US mineral deal
Ukraine has proposed three major investment projects to the United States under a new strategic agreement on critical minerals.
Naftogaz launches high-output gas well as Ukraine scrambles to secure winter energy supply
Ukraine’s state energy giant Naftogaz has launched a new natural gas exploration well through its subsidiary Ukrgasvydobuvannya, yielding a daily output of 383,000 cubic metres.
Azerbaijan, Slovenia discuss gas supply expansion and green energy cooperation
According to a press release by Azerbaijan's Energy Ministry, both sides expressed satisfaction with the development of bilateral relations, which will mark their 30th anniversary in 2026.
Just 111 of the world’s biggest companies are causing $28 trillion worth of climate damage, says study
Just 111 of the world’s largest fossil fuel companies are collectively responsible for an estimated $28 trillion in climate-related economic damage, and just ten of those companies are responsible for half of that total.
Russia’s June budget deficit widens sharply as military spending and oil revenues diverge
President Putin has lost his luck with oil prices and the budget deficit has widened sharply as budget revenues in June have fallen, but expenditure widened. Russia’s federal budget deficit surged to nearly RUB3.7tn ($41.4bn), or 1.7% of GDP.
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