OPEC and its allies remain in firm control of the oil market, key members Saudi Arabia and the UAE said March 29, as the group prepares to meet to decide on May production levels amid an outcry from crude importing countries over tight supplies and rising fuel prices. Market balances …
Read More »Germany Activates Gas Emergency Plans, Fearing Russian Supply Cut
Europe’s largest economy braced for a cut-off of Russian gas supplies on Wednesday, activating the first phase of a national emergency plan. The move comes two days ahead of a deadline set by Russia for ‘unfriendly’ states to start paying for deliveries of Russian energy in rubles, rather than in …
Read More »Germany to Triple Number of Hydrogen Fuel Stations
Germany will significantly expand its hydrogen refueling network as it seeks to wean lorries and buses off fossil fuels and decarbonize its transport network. The number of stations in Europe’s largest economy will more than triple to 300 by 2030, the network operator H2 mobility and financial backers said in …
Read More »Scholz: Russian Energy Ban would Mean European Recession
An immediate ban on Russian energy imports would trigger an economic recession in Germany and across Europe, German Chancellor Olaf Scholz warned Wednesday. Speaking to the Bundestag, Scholz said Germany would end its energy dependence on Russia in due course but cutting all ties now would hit the German economy …
Read More »Germany, Seeking to Pare Russia Energy, Courts Qatar and UAE for Deals
German Economy Minister Robert Habeck said on Saturday that he will explore liquefied natural gas (LNG) supply on a trip to Qatar and the United Arab Emirates, and aims to secure a hydrogen deal, making Germany less dependent on Russia. Russia is the largest supplier of gas to Germany, according …
Read More »Germany Weighs Plan to Link Hydrogen Pipeline with Norway
Germany and Norway are weighing options to build a hydrogen pipeline to reduce their reliance on Russia for energy supplies in the wake of Moscow’s invasion of Ukraine, reported Bloomberg News. The move is said to in response to recent threat by Russia that it could consider closing the main …
Read More »Europe could Plunge into Recession if Russia Cuts its Gas Supply
Last week, Moscow made good on its threat to weaponize its energy exports in retaliation against Western sanctions by imposing wide-ranging export bans. Alexander Novak, Russia’s deputy prime minister, said his government has the “full right” to “impose an embargo” on gas supplies by halting gas supplies through the Nord …
Read More »Germany’s Lindner Rejects Russian Oil, Gas Ban
German Finance Minister Christian Lindner remains opposed to a boycott of Russian oil and gas, even with leading members of his Free Democratic Party saying restrictions should be imposed to punish Russia for its invasion of Ukraine, the Tagesspiegel newspaper reported on Sunday. “Our concern must be to build up …
Read More »Germany Intends to Increase Oil and Gas Production in the North Sea
Finance Minister Christian Lindner said this is necessary to reduce dependence on Russian energy sources due to the invasion of Ukraine, writes RBC-Ukraine, citing Reuters. Germany, which depends on Russia for two-thirds of its natural gas imports, is urgently trying to stimulate the development of alternative energy sources, including the …
Read More »How Dependent is Germany on Russian Gas?
Russia has warned it may shut off its main Nord Stream gas pipeline to Germany after Berlin halted approval of a second line across the Baltic Sea in response to Russia’s invasion of Ukraine. The comment, from Russian Deputy Prime Minister Alexander Novak, reflects escalating tensions that have already sent …
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