CNBC Europe is bracing for an extended shutdown of Russian gas supplies as maintenance work begins on the Nord Stream 1 pipeline that brings gas to Germany via the Baltic Sea. Operator Nord Stream AG confirmed the work, which is scheduled to run from Monday through to July 21, got underway as planned Monday morning. Russian gas flows via
US News FRANKFURT/MILAN – Europe’s biggest Russian gas buyers raced to find alternative fuel supplies on Monday and could burn more coal to cope with reduced gas flows from Russia that threaten an energy crisis in winter if stores are not refilled. Germany, Italy, Austria and the Netherlands have all signalled that coal-fired power plants could help see the continent
CNBC Hungarian Foreign Minister Peter Szijjarto has ruled out the prospect of a Russian gas ban in the European Union’s next package of sanctions, saying it would be “impossible.” Landlocked Hungary is overwhelmingly dependent on Russian hydrocarbons. Szijjarto’s comments come as President Vladimir Putin says he believes the West will not be able to wean itself off Russian oil and
World Oil (Bloomberg) — Europe has dethroned Asia as the biggest destination for U.S. liquefied natural gas as the energy-starved region seeks to slash its dependence on Russian supplies. The U.S. sent nearly three quarters of all its LNG to Europe in the first four months of 2022, with daily shipments to the region more than tripling from last year’s
World Oil (Bloomberg) — The United Arab Emirates has started shipping rare cargoes of oil toward Europe, where crude buyers are snubbing imports from Russia in the wake of the nation’s invasion of Ukraine. The oil tanker Moscow Spirit — hired by TotalEnergies SA’s shipping arm — is sailing toward Rotterdam, Netherlands with a cargo of about 1 million barrels
Investing LONDON – Oil jumped almost 5% on Wednesday after plunging nearly 10% in the last two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo. Russian gas flows to Europe via Ukraine fell by a quarter on Wednesday after Kyiv halted use
Nasdaq President Vladimir Putin said on Thursday that Moscow will work to re-direct its energy eastward as European countries try to reduce reliance on Russian exports, adding that Europe will not be able to completely shun Russian gas immediately. Russia has been forging closer ties with Asia and China, the world’s top energy consumer, trying to diversify away deliveries from
Investing BRUSSELS -The European Union’s foreign ministers disagreed on Monday on whether and how to slap sanctions on Russia’s lucrative energy sector over its invasion of Ukraine, with Germany saying the bloc was too dependent on Russian oil to decide an embargo. The EU and allies have already imposed hefty measures against Russia, including freezing its central bank’s assets. Russia’s
CNBC Russia appears to have walked back demands that European companies pay for gas supplies in rubles from Thursday, temporarily alleviating the risk of supply disruptions. It comes after Russia’s President Vladimir Putin repeatedly demanded that so-called “unfriendly” countries pay for gas in rubles, rather than in euros or dollars, targeting those behind the heavy economic sanctions designed to isolate
World Oil (Bloomberg) — Western European nations are scrambling for ways to live without Russian natural gas, bracing for the possibility that either the Kremlin switches off the taps or political pressure for tighter sanctions erupts into a full energy embargo. With Russian troops advancing into Ukraine, European Union governments are concerned that the source of 40% of the region’s
World Oil Supplies of Russian gas to Europe via Ukraine have already fallen—and been replaced by LNG imports—to such a degree that shutting off the remaining gas that is still flowing through Ukraine would have a relatively limited additional impact on European supply, according to a new report by IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions.
US News WASHINGTON – The United States is in talks with major energy-producing countries and companies around the world over a diversion of supplies to Europe if needed in the event of a Russian invasion of Ukraine, senior Biden administration officials said on Tuesday. Speaking to reporters on a call, the officials did not name the specific countries or companies
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