Russian natural gas deliveries through a key pipeline to Europe will drop by around 40 percent this year, state-controlled energy giant Gazprom said Tuesday, after Canadian sanctions over the war in Ukraine prevented German partner Siemens Energy from delivering overhauled equipment. Germany’s utility network agency said it did not see gas supplies as endangered and…
Oil Prices Surpass $120 per Barrel as Europe Considers Sanctions on Russian Energy Imports
Oil prices remained elevated during early trading on May 30 as traders await Europe’s decision on Russian oil import sanctions. The Brent crude oil futures contract for July hit $120.02 per barrel at 11 a.m. UTC (7 a.m. Eastern time) on May 30, its highest level in over two months. Meanwhile, U.S. West Texas Intermediate…
Germany Averse to Immediately Cutting Off Russian Energy Imports, Finance Minister Urges Patience
Though Germany is moving “as fast as possible” to end its dependence on Russian energy supplies, such a move cannot be implemented soon, according to Christian Lindner, the country’s finance minister. “We have to be patient,” Lindner said in an interview with the BBC. “We are willing to stop all energy imports from Russia, it’s just…
Germany Triggers Emergency Plan as Putin Wants Gas Paid in Rubles
Berlin has triggered the first stage of an emergency plan for managing gas supplies due to concerns of potential supply disruptions following Russian President Vladimir Putin’s push to make “unfriendly” nations buy gas in rubles. Germany’s emergency gas plan has three levels. The first is the early warning, which is triggered when there are signs…
Europe Aiming to ‘Significantly’ Cut Russian Gas Imports With Washington’s Assistance
The European Union is seeking to scale down its reliance on Russian gas imports while seeking help from the United States, European Commission President Ursula von der Leyen told EU lawmakers on March 23. Stressing that “energy policy is also security policy,” von der Leyen pointed out that the commission has proposed measures that will…
EU Gas Prices Prices Hit Record High as Russia Curbs Supply During Freezing Winter
European gas prices touched an all-time high when gas flow from Russia reversed course as freezing winter sets in over the continent and renewable sources, like wind, fail to generate any reasonable amounts of power. The benchmark price for Europe at the Dutch Title Transfer Facility (TTF) is at a record 162.78 euros per megawatt-hour,…
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