Germany blamed Russia on Wednesday for reduced gas supplies through the Nord Stream 1 pipeline and dismissed Gazprom’s claim that disruptions were the result of legal and technical problems. Chancellor Olaf Scholz said a gas turbine repaired in Canada has been waiting for transfer at Siemens Energy’s site in western …
Read More »Oil Prices Increase with Ease in Demand Concerns
Oil prices increased on Thursday, supported by a drop in US crude oil inventories easing demand concerns. International benchmark Brent crude was trading at $102.71 per barrel at 08.45 a.m. local time (0545 GMT) for a 1.02% increase after closing at $101.67 a barrel in previous trade. American benchmark West …
Read More »Europe Focuses on Storage to Alleviate Energy Crisis
Europe’s energy efficiency plan to combat the bloc’s energy crisis and secure sufficient gas supplies ahead of the winter cannot exclude gas flow from Russia in order to fill up gas storage. Natural gas storage has become an important tool in alleviating the energy crisis, which has escalated since the …
Read More »Oil Up as Supply Outages Outweigh Demand Fears
Oil prices edged higher on Monday as output disruptions in Libya and planned shutdowns in Norway offset concerns that an economic slowdown would dampen demand. International benchmark Brent crude was trading at $111.92 per barrel at 0705 GMT for a 0.26% increase after the previous session closed at $111.63 a …
Read More »Iran Receives $1.6B in Gas Debt from Iraq after Negotiations
Iran has received $1.6 billion in arrears from the Iraqi government for imports of natural gas, Oil Minister Javad Owji announced late Wednesday. In a Twitter post, Owji said the debt from previous years was received “a few hours ago” following “several months of negotiations” between the two sides, crediting …
Read More »Key Meeting of North Korea’s Ruling Party Underway amid Fears of Nuclear Test
A key meeting of North Korea’s ruling Workers Party is underway amid speculation of Pyongyang preparing for a nuclear test. The top huddle, which convened on Wednesday, is being presided by North Korean leader Kim Jong Un, with the participation of key officials of the party and ministries, Korean Central …
Read More »Russian Gas Transit to Europe via Sokhranivka to Fall 25%
The volume of natural gas from Russian gas giant Gazprom destined for Europe via Ukraine will decrease 25% on Monday compared to the quantity the previous day, Gazprom’s spokesman Sergey Kupriyanov confirmed. “Gazprom will supply 46.8 million cubic meters of natural gas via Ukraine on May 15 (Monday),” Kupriyanov said, …
Read More »Greece to Assist Bulgaria after Russia Halts Gas Supply
Greece has vowed to help neighboring Bulgaria after Russia decided to cut off its gas supply. Prime Minister Kyriakos Mitsotakis spoke to his Bulgarian counterpart Kiril Petkov over the phone on Wednesday morning, according to a statement from his office. “During their discussion, the prime minister stated that Greece will …
Read More »EU Lawmakers Urge Germany to Accept Embargo on Russian Oil
A group of lawmakers from all political groups in the European Parliament has urged Germany to impose an embargo on Russian energy imports amid rumors that the EU would slap its sixth sanctions package later this week, according to a news report on Monday. In a letter dated Saturday and …
Read More »Algeria to Continue Gas Supply to Spain despite Western Sahara Row
Algeria will continue gas supply to Spain despite a diplomatic row with Madrid over Western Sahara, the country’s president said on Saturday. “We assure the Spanish friends, the Spanish people that Algeria will never abandon its commitment to supply Spain with gas under any circumstances,” Tebboune said in an interview …
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