European natural gas soared to a fresh record as the U.S. said it was considering curbs on imports of Russian oil, a move that would add to supply fears across all energy markets. Dutch front-month gas, the European benchmark, jumped as much as 17% to an unprecedented 225 euros a …
Read More »U.S. Says Russian Oil Import Ban on the Table in Talks with EU
The U.S. and its European allies are discussing a possible ban of Russian oil imports to tighten the economic squeeze on President Vladimir Putin over the war in Ukraine, Secretary of State Antony Blinken said. President Joe Biden’s administration, wary of pushing up energy prices for Americans, faced further pressure …
Read More »Germany Faces Reckoning for Relying on Putin for Cheap Energy
For years, the U.S. warned Germany of building up a dangerous energy dependence on Russia, the source of more than half of its fossil fuel imports. Now that the war in Ukraine has shocked Berlin into the same conclusion, the government is finding that changing course might be too late. …
Read More »Study Says EU could Survive without Russian Gas next Winter
The European Union is capable of going through next winter without imports of Russian natural gas while avoiding serious damage to its economy, according to a new report by Belgium-based think tank Bruegel. The 27-nation bloc would need to curtail its demand by at least 10%-15% should Russia halt imports …
Read More »OPEC+ is Unlikely to Break from Its Production Plan
OPEC+ is widely expected to continue raising its overall production quota by 400,000 barrels per day (bpd) per the plan from last summer, despite the surging oil prices over the Russian invasion of Ukraine, a Bloomberg survey of 18 analysts and traders showed on Tuesday. The OPEC+ group—led by Saudi …
Read More »European Gas Jumps as Sanctions Spur Energy Shortage Concerns
European natural gas prices surged as another round of sanctions on Russia over the weekend fueled concerned about energy shortages. Futures traded in the Netherlands jumped as much as 36% on Monday. Western nations agreed to impose new sanctions to further isolate Russia’s economy and financial system after initial penalties …
Read More »Japan should Discuss NATO-Like Nuclear Weapons Sharing
Japan should discuss a possible sharing of nuclear weapons similar to that of NATO members in the wake of the Russian invasion of Ukraine, former Prime Minister Shinzo Abe said Sunday. NATO’s nuclear sharing arrangements let the U.S. keep its nuclear weapons in Europe under its custody. “Many people in …
Read More »BP’s Rosneft Alliance to be Tested by U.K. Tough Talk on Russia
The U.K. government has argued for some of the toughest possible sanctions on Russia. At the same time, BP Plc holds one of the single biggest foreign investments in the country. It’s an increasingly uncomfortable position for the British energy giant — one that has prompted concerns at the highest …
Read More »China Moves to Restrict Financing for Russian Commodities
Beijing, a key Russian ally, has moved to restrict financing for Russian commodities purchases through two of China’s largest state-owned banks, Bloomberg reports, as Russian forces advance to Kyiv only a day after launching a full-scale invasion plan. According to Bloomberg, the Industrial and Commercial Bank of China (ICBC) has …
Read More »Rosneft Aims to Develop Gas Fields Regardless of Export Options
Russia’s Rosneft PJSC aims to develop new natural gas reserves regardless of whether the Kremlin allows the company to export the fuel through pipelines. “We will produce gas at Rospan and Kharampur-Neftegaz irrespective of the export potential,” First Vice President Didier Casimiro told reporters, referring to the company’s two greenfield …
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