Oil prices are declining

The Kremlin has declined to predict the developments surrounding a possible deal between European companies and Azerbaijan for gas exports through Ukraine’s gas transportation system, noting Ukraine's refusal to extend its transit contract with Russia.

The Saudi company ACWA Power has allocated $238 million for the construction of the "Khızı-Abşeron" wind power plant (WPP) with a capacity of 240 MW near Baku. According to the Middle Eastern publication “Gulf Business,” the power plant is expected to be fully operational in the first half of 2026.

A gas trading center as part of the international gas hub project will be opened in Istanbul in 2025, said Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar in an interview with the “Milliyet” newspaper. "In 2025, we will create a robust infrastructure that, in partnership with “Botas” and “Gazprom”, will manage a trading platform in the Istanbul Financial Center.

From January to October 2024, Russia boosted its pipeline gas exports to Europe by more than 15%, reaching 26.52 bcm, TASS reported based on daily data from Gazprom on transit through Ukraine and the European Network of Transmission System Operators for Gas (ENTSOG).