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