Tag Archives: Europe

European Union countries are set to tussle over emergency regulation that could force 15% cuts in gas consumption through the winter if Russia escalates its showdown with the bloc by halting deliveries. Energy ministers from the bloc’s 27 member states will meet on Tuesday to wrangle over backing a proposal …

Iraq and Saudi Arabia are working on sending their crude oil to Europe in an effort to help the continent’s oil refineries which are desperately trying to give up the oil supplies from Russia. According to a report recently published by Bloomberg, more than one million barrels per day of …

Many European countries have recently announced the reopening of coal power plants as gas supplies from Russia have slumped amid European Union sanctions. Such measures are hindering the bloc’s goal of reaching carbon neutrality by 2050, demonstrating the EU’s double standards on reducing emissions. Reversed Measures Many European countries, including …

Saudi Arabia and Iraq are helping Europe wean off of Russian crude, which is increasingly headed to Asia, as Vladimir Putin’s war on Ukraine reshuffles the global energy market. Europe has imported more than 1 million barrels per day via the SuMed pipeline in the first three weeks of July, …

Russian state-owned energy giant Gazprom has told European buyers it may not be able to continue sending gas because of “extraordinary circumstances,” according to an exclusive report by Reuters, raising fears that the ongoing annual maintenance of a key pipeline might extend beyond Thursday, the day it is expected to …

Gazprom has declared force majeure on gas supplies to Europe to at least one major customer, according to a letter from the Russian energy firm. Dated July 14, the legal force of the letter is to shield Gazprom from compensation payments for disrupted supplies. The letter said Gazprom, which has …

Europe needs to drastically slash natural gas consumption in the next few months to prepare for what is likely to be “a long, hard winter,” the head of the International Energy Agency said. While the European Union has made some progress diversifying away from key supplier Russia, any shipments from …

European natural gas prices jumped with a heat wave scorching the western half of the region, boosting demand for cooling and pushing energy costs higher. Temperatures in parts of the UK and France, including London and Paris, could rise to record levels Monday and Tuesday, according to forecaster Maxar. The …

Europe has overtaken Asia as the biggest buyer of U.S. crude oil, importing 213.1 million barrels over the first five months of the year, while Asia imported 191.1 million barrels, Bloomberg reported, citing Census Bureau data. This is the first time in six years that Europe has been a bigger …

The European oil market just received another supply shock ahead of the looming EU embargo on seaborne Russian oil imports. A Russian court has ordered the closure of a key Russian Black Sea export route, through which most of Kazakhstan’s crude oil passes to Europe. The Russian court ruling further …