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The European Union is “massively” underestimating the cost of weaning itself off Russian natural gas by billions of euros unless it can speed up its shift to renewable energy. Europe is so reliant on gas that even cutting Russian supplies still means governments could be on the hook for about …

Venezuela has begun importing Iranian heavy crude to feed its domestic refineries, Venezuelan oil company PDVSA announced. Iran and Venezuela last year initially agreed to a swap deal, with PDVSA importing Iranian condensate to dilute and process its extra-heavy oil for export, Reuters reported. In return, Venezuelan crude is being …

Russia’s crude oil production is on the rise so far in May, Deputy Prime Minister Alexander Novak told TASS news agency on Monday. Russia’s crude oil production slipped by half a million bpd in March, by a full million bpd in April, with many analysts stating concern that those barrels …

Azerbaijan plans to supply more natural gas to Europe as countries in the continent aim to phase out Russian imports by the end of the year and look for alternative sources of supplies amid Moscow’s continuing conflict with Ukraine. The central Asian republic is focusing on upgrading its existing energy …

Hyundai Motor Group will construct a liquefied natural gas (LNG) cogeneration facility inside its automotive manufacturing plant in Ulsan to secure a stable power supply while reducing energy consumption and greenhouse gas emissions. According to the carmaker on Monday, it plans to digest over 70 percent of annual electricity used …

The G7 club of wealthy nations have committed to phasing out its dependency on Russian oil. The statement from the Group of Seven – France, Canada, Germany, Italy, Japan, Britain and the United States – did not specify exactly what commitments each country will make to move away from Russian …

Oil extended its biggest drop in more than five weeks as the European Union softened some of its proposed sanctions on Russian oil exports. West Texas Intermediate futures fell below $103 a barrel in early Asian trading after sliding around 6% on Monday. The bloc will scrap a proposed ban …

Talks aiming at agreeing an EU-wide ban on Russian oil imports have gone into a sixth day. Hungary, Slovakia, the Czech Republic and Bulgaria are resisting approval and demanding special dispensations to accommodate domestic needs. The main point of contention remains the ambitious timeline envisioned by the European Commission: a …

Spain is becoming one of Europe’s new hydrogen hubs, said European Commission President Ursula von der Leyen during a press conference in Barcelona on Friday, adding that the country has always been a “front runner” in the NextGenerationEU plan. “This is a defining moment for Europe and for our future,” …

Gazprom PJSC, a Russian state-owned energy company, has written to its European customers to reassure them that they can continue to pay for gas without breaching sanctions. This comes after European Commission proposed a total ban on Russian oil imports to the European Union. The EU’s planned ban on Russian …