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Sign InRussian President Vladimir Putin and Chinese President Xi Jinping intend to discuss the Power of Siberia 2 gas pipeline project during an upcoming summit in China. These high-level talks follow just days after Donald Trump’s visit to Beijing. The meeting aims to advance the major energy infrastructure project amid shifting global diplomatic dynamics.
The Power of Siberia 2 project is a cornerstone of Russia's strategy to pivot gas exports toward Asia, aiming to transport 50 billion cubic meters of gas annually from the Yamal region to China. According to economic reports, Moscow seeks this project to offset declining supplies to Europe. In related energy market context, API data released on May 12, 2026, showed a crude oil stock draw of 2.188 million barrels, reflecting ongoing volatility in global supply-demand balances per market data.
Traders are closely watching for any official announcement regarding pricing agreements, which remains the primary hurdle for a final investment decision. As markets await summit outcomes, U.S. inflation data from May 12, 2026, showed the annual CPI at 2.8%, potentially impacting financing costs for cross-border projects. Looking ahead, markets await the Eurozone Industrial Production data on May 13, 2026, to gauge future industrial energy demand.