EurOil - Europe Oil & Gas
The EU has proposed capping the price of Russian natural gas, as Brussels doubles down on efforts to hamper Moscow’s ability to finance its war in Ukraine.
European energy ministers will discuss further options to secure gas supplies and punish Russia.
After about two months of problems caused by oil traders self-sanctioning, Russia’s oil exports have largely recovered and replaced most of the fall in demand in Europe with new buyers in Asia. The challenge Moscow now faces is how to get it there.
Chairman of the oil and gas company offered to step down after Croatia’s anti-corruption body made five arrests in a high-profile fraud case.
Czechia and Poland will resume work on the Stork II pipeline bringing gas from the Polish LNG terminal at Swinoujscie to Libhost in Czechia’s northern Moravian region.
Kuwait Petroleum International (KPI), a downstream subsidiary of Kuwait Petroleum Corp. (KPC), has delivered its first batch of ultra-low-sulphur diesel (ULSD) fuel to Italy.
Not only have the extreme sanctions imposed on Russia following its invasion of Ukraine in February not crushed the economy, Russia is making a killing from the war thanks to the abundant leaks in the sanction regime.
Natural gas prices surged after Russia halted its biggest pipeline to Europe indefinitely, plunging the region deeper into a crisis that could push major economies into recession and force rationing.
Agreement guarantees the delivery of up to another 5.8 mcm gas per day to Hungary in September and October.
Europe has approached Azerbaijan as a source of additional gas to eliminate more Russian imports. But how much extra gas the country may provide, beyond the 10 bcm per year it is already sending, will depend on exploration results and Turkish assent.