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Bulgaria says will veto EU oil sanctions on Russia if it does not get derogation
May 9, 2022
Source: Energy World

Bulgaria says will veto EU oil sanctions on Russia if it does not get derogation

European Union governments moved closer on Sunday to agreeing to tough sanctions against Russia over its invasion of Ukraine, but scheduled more talks for Monday to work out how to ensure countries most dependent on Russian energy can cope.

European leaders blast cutoff of Russian gas as ‘blackmail’
April 28, 2022
Source: Kentucky

European leaders blast cutoff of Russian gas as ‘blackmail’

"European leaders blasted Russia's decision to cut natural gas shipments to Poland and Bulgaria as “blackmail,” saying the cutoff and the Kremlin's warning that it might cease shipments to other countries is a failed attempt to divide the West over its support for Ukraine."

EU lawmakers seek swift deal on emergency rules to fill gas storage
April 21, 2022
Source: Energy World

EU lawmakers seek swift deal on emergency rules to fill gas storage

EU lawmaker Jerzy Buzek, former Polish prime minister and Parliament's lead lawmaker on the rules, said Parliament's team hoped to start talks with EU countries in two weeks and strike a deal lawmakers could vote on in June.

Indian backdoor for Russian oil weakens calls for European ban
April 14, 2022
Source: Energy World

Indian backdoor for Russian oil weakens calls for European ban

If Europe adopts official sanctions on Russian crude and fuel, prices will likely surge, and India could profit even more from refining Russian oil to fuels it then sells to Europe for more money.

Europe set to ban Russian coal, but struggles on oil and gas
April 8, 2022
Source: Energy World

Europe set to ban Russian coal, but struggles on oil and gas

"The coal ban is significant because it breaks the taboo on severing energy ties with Russia."

Norway could offer Europe a significant gas boost
March 9, 2022
Source: Upstream

Norway could offer Europe a significant gas boost

Norway could increase gas exports to the continent by between 15 billion and 30 billion cubic metres by end of year

Crude oil price climbs on growing fears of conflict over Ukraine
Feb. 22, 2022
Source: Energy World

Crude oil price climbs on growing fears of conflict over Ukraine

U.S. and European officials condemned the moves, but a Biden administration official said Russia's military action did not as yet constitute an invasion that would trigger a broader sanctions package.

OMV Petrom: Offshore taxation turned harsher, we won't begin production
Feb. 7, 2022
Source: Romania Insider

OMV Petrom: Offshore taxation turned harsher, we won't begin production

The taxation regime for gas production in Romania has become even more uncompetitive, significantly above the European average. This puts pressure on investments in Romania, endangering the supply [of local consumers] from domestic natural gas production.

Turkey And Israel Could Work Jointly To Ship Gas To Europe
Feb. 5, 2022
Source: Oil Price

Turkey And Israel Could Work Jointly To Ship Gas To Europe

Turkey is interested in resuming talks with Israel about using Israeli natural gas and transporting it to Europe, Turkish President Recep Tayyip Erdogan said on Friday, as carried by the Daily Sabah news outlet. “We can use Israeli natural gas in our country, and beyond using it, we can also engage in a joint effort on its passage to Europe,

Oil rises, hovers near 7-year highs on supply fears, political risks
Jan. 31, 2022
Source: Energy World

Oil rises, hovers near 7-year highs on supply fears, political risks

The most-active Brent contract, for April delivery, was trading at $89.69, up $1.17 or 1.3 per cent

Oil prices rise on supply fears amid tensions in Eastern Europe, Middle East
Jan. 24, 2022
Source: Reuters

Oil prices rise on supply fears amid tensions in Eastern Europe, Middle East

TOKYO, Jan 24 (Reuters) - Oil prices rose on Monday on worries about supply disruption amid rising tensions in Eastern Europe and the Middle East, which could make an already tight market even tighter, while OPEC and its allies continued to struggle to raise output.

European gas traders suggest high energy prices will persist beyond winter
Dec. 27, 2021
Source: world oil

European gas traders suggest high energy prices will persist beyond winter

(Bloomberg) --For a glimpse of how much longer this year’s energy crunch is going to last, look no further than the European natural gas market. Forward prices have more than doubled over the past month, with traders betting the unprecedented squeeze will last into early 2023. Gas will be expensive even when the weather is hot. Prices for the summer exceeded 100 euros ($113) a megawatt-hour this week, the highest on record. Europe is facing an energy crisis, with Russia curbing supplies and nuclear outages in France straining power grids in the coldest months of the year. And there’s no relief in sight. Germany said Russia’s controversial Nord Stream 2 pipeline won’t be approved in the first half of 2022, a move that will probably keep supplies capped in the summer, when Europe need gas to fill storage sites. “Help does not appear to be on the way,” said Kaushal Ramesh, a senior analyst at consultants Rystad Energy in Norway. The increase in forward prices is “suggesting another year of volatility and a continued high price environment.”

Threat of new European lockdowns send oil prices tumbling
Nov. 20, 2021
Source: world oil

Threat of new European lockdowns send oil prices tumbling

"(Bloomberg) - Oil was on track to post its biggest weekly drop since August as Europe’s worsening Covid-19 crisis renewed the prospect of lockdowns just as key consuming nations look to add emergency supply to the market. The January futures contract in New York tumbled as much as 4.2% on Friday. Brent fell as much as 3.9%. The wave of infections in Europe is growing, once again raising the prospect of restrictions on mobility and a hit to oil demand. Austria imposed a lockdown while Germany introduced some restrictions. Both benchmarks are also set to decline for the fourth straight week."

Gas price surge, just one more headwind for world economy
Sept. 22, 2021
Source: Reuters

Gas price surge, just one more headwind for world economy

Soaring gas prices that threaten to push up winter fuel bills, hurt consumption and exacerbate a near-term spike in inflation are another blow to a world economy just getting back on its feet after the coronavirus shock. The gas market chaos, which has driven prices 280% higher in Europe this year and led to a 100%-plus surge in the United States, is being blamed on a range of factors from low storage levels to carbon prices to reduced Russian supplies.

Amazon set to reach 100% renewable energy by 2025
April 21, 2021
Source: Energy Global

Amazon set to reach 100% renewable energy by 2025

Amazon has announced nine new utility-scale wind and solar energy projects in the US, Canada, Spain, Sweden, and the UK. The company now has 206 renewable energy projects globally, including 71 utility-scale wind and solar projects and 135 solar rooftops on facilities and stores worldwide, which will generate 8.5 GW of electricity production capacity globally. With this latest announcement, Amazon is now one of the largest corporate purchasers of renewable energy in Europe.

Oil falls as European lockdowns douse recovery hopes
March 22, 2021
Source: Reuters

Oil falls as European lockdowns douse recovery hopes

Oil prices resumed their decline on Monday, falling around 1% as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading.Germany plans to extend a lockdown to contain COVID-19 infections into a fifth month, according to a draft proposal, after new cases exceeded levels authorities say will cause hospitals to be overstretched.

Increasing lockdown in Europe bring down oil prices
Dec. 16, 2020
Source: Reuters

Increasing lockdown in Europe bring down oil prices

The six week long futures rally has come to a halt with the increasing lockdown in Europe. As a result, oil prices fell on Wednesday. Brent dropped and was traded at $50.51 a barrel. WTI went down and was traded at $47.28 a barrel. Slower US spendings and substantial decrease in the demand for refined products has adversely affected the market sentiments.

Oil prices stumble over rising coronavirus cases
Dec. 8, 2020

Oil prices stumble over rising coronavirus cases

Coronavirus cases continue to rise in the United States and Europe. Oil prices added to the losses of the previous session on Tuesday. WTI slipped by 0.4%, to $45.58 a barrel. Brent fell by 0.5%, to $48.55 a barrel. ANZ Research said, "For the moment, the market is happy to look past these issues as the vaccine rollout begins; however the economic headwinds are building in the short term".

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