Norway plans to maintain its currently high gas production levels until the end of the decade as Europe plans to reduce Russian imports, its energy minister said on Tuesday. The Nordic country is now Europe’s biggest supplier of gas, according to Refinitiv Eikon data, overtaking Russia, which has cut back …
Read More »Ukraine is Ready to Support the Reinvention of European Energy Security
Wednesday, 24 August 2022, is a bitter-sweet day for us Ukrainians. It marks the 31st anniversary of our country’s post-USSR independence. But sadly, it will also be exactly six months since Russia invaded our country, killing Ukrainian civilians, seeking to destroy Ukraine’s critical infrastructure and violating our right as an …
Read More »Iranian Oil Minister Says Tehran Ready to Meet Europe’s Energy Needs in Winter
Iran’s Oil Minister Javad Oji says the Islamic Republic has a good capacity to produce oil and gas and their commodities and is thus capable of partly relieving the energy shortage in the world. Oji said energy prices are out of control in the world and big petrochemical companies in …
Read More »Europe Braces for more Cuts in Russian Oil and Gas Exports
Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia that was reported by the pipeline operator on Monday, adding to concerns over a plunge in gas supplies. CPC, which handles about 1% of global oil and whose largest shareholder …
Read More »Gas Prices in Europe Rise above $2,800 per 1,000 Cubic Meters
The price of gas in Europe during trading on Monday rose above $2,800 per 1,000 cubic meters for the first time since the beginning of March, continuing to grow against the backdrop of reports about the suspension of supplies via Nord Stream for three days from August 31 due to …
Read More »Asia Gas Prices Jump after Russia Pipeline Maintenance Sends Europe to Record
Asian liquefied natural gas prices extended gains as concern mounts that Russia’s announcement of maintenance on a key pipeline to Europe will further tighten global supplies. Producers offered LNG spot cargoes for winter above $60 per million British thermal units on Monday, traders said. The Japan-Korea Marker spot benchmark slipped …
Read More »Europe Looks to Reduce Dependence on China’s Critical Minerals
While the European Union and the UK are trying to shake off dependence on Russian oil and coal in the wake of Russia’s invasion of Ukraine, Europe is also taking steps to reduce its dependence on China for critical minerals and rare earth elements that are crucial to the energy …
Read More »Europe’s Gas Price is Now Equivalent to $410 per Barrel of Oil
Heatwaves this summer and expected natural gas shortages this winter are driving gas prices higher and higher. Europe’s benchmark gas prices surged by 14% in just three days to a fresh record-high, continuing the upward trend from recent weeks, as gas demand for power generation is high amid heatwaves and …
Read More »Europe Is Trying to Solve Its Energy Crisis with Fossil Fuel Projects in Africa
Food and fuel prices are soaring globally, and the Russian oil and gas supply has been squeezed since the invasion of Ukraine. In response, European governments are paving the way to massive investments in fossil fuels from non-Russian sources that imperil efforts to tackle climate change. Policies are being made …
Read More »Europe Gas Takes a Breather from Rally as Storage Fills up
Natural gas in Europe rose again, extending a rally as a scorching summer boosts demand while supplies from Russia remain limited. Benchmark futures jumped as much as 4.7%, reversing earlier declines. Energy market concerns are deepening as the hot and dry weather boosts gas consumption for cooling. It’s also drying …
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