US News NEW YORK – Oil prices rose about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine. Brent futures for July delivery rose $3.21, or 2.8%, to $117.24 a
World Oil (Bloomberg) — Canada’s top energy official said Prime Minister Justin Trudeau’s government is open to accelerating a liquefied natural gas project that could start supplying Europe in as soon as three years. Natural Resources Minister Jonathan Wilkinson told Bloomberg News the fastest way to help “our European friends” would be for Spain’s Repsol SA to convert an existing
Reuters he European Union and the United States are trying to convince oil and gas-producing countries to increase their production to help lower global fuel prices, German Chancellor Olaf Scholz said in an interview with Deutsche Welle. “It is necessary that we start to increase the supply with gas, with fuel, with all the things to make it feasible for the countries to pay for their
World Oil Bloomberg) — Oil eased off earlier gains with the European Union’s ban of Russian oil looking increasingly unlikely to pass. West Texas Intermediate futures fell below $110 a barrel. The EU’s proposal to phase out Russian oil has reached an impasse, with Hungary continuing to oppose the embargo. Eastern Europe is highly dependent on Russian crude, as Russia shipped about 720,000
World Oil (Bloomberg) — Hungary told its European Union counterparts that it will cost at least 770 million euros ($810 million) to revamp its oil industry as they wrangle over potential sanctions that would target Russian supplies. Prime Minister Viktor Orban’s government said 550 million euros were needed to overhaul its refineries to comply with the ban, and another 220
Reuters Russia had cut all its exports of electricity to Finland on Monday, flow data showed, after Russian utility Inter RAO said last week it would halt them because it had not been paid. Inter RAO said on Friday it would stop exporting power to Finland from Saturday 1 a.m. local time (2200 GMT on Friday) “for the time being” as it had not been paid for power sold via pan-European exchange Nord Pool since May
Investing LONDON – Oil jumped almost 5% on Wednesday after plunging nearly 10% in the last two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo. Russian gas flows to Europe via Ukraine fell by a quarter on Wednesday after Kyiv halted use
World Oil (Bloomberg) — European Union energy ministers tried to project a united front Monday in rejecting Russia’s demands to buy gas in rubles as the bloc tries to prevent Vladimir Putin from sowing divisions in the bloc. Despite signs that at least one member state, Hungary, may accede to Moscow’s ruble demands, ministers said the EU will find a
Yahoo BRUSSELS -The European Union was preparing a ban on Russian oil, with possible exemptions for wary countries, as EU energy ministers on Monday held crisis talks on Moscow’s demand that foreign buyers pay for gas in roubles or lose their supply. The European Commission is expected to propose a sixth package of EU sanctions this week against Russia over
Nasdaq BRUSSELS – European Union countries will this week debate a possible deal to share out the costs of buying gas to fill storage and build a supply buffer ahead of next winter, according to a draft document seen by Reuters. EU countries are negotiating proposed rules that would require them to fill their gas storage to at least 90%
Nasdaq President Vladimir Putin said on Thursday that Moscow will work to re-direct its energy eastward as European countries try to reduce reliance on Russian exports, adding that Europe will not be able to completely shun Russian gas immediately. Russia has been forging closer ties with Asia and China, the world’s top energy consumer, trying to diversify away deliveries from
Investing BRUSSELS -The European Union’s foreign ministers disagreed on Monday on whether and how to slap sanctions on Russia’s lucrative energy sector over its invasion of Ukraine, with Germany saying the bloc was too dependent on Russian oil to decide an embargo. The EU and allies have already imposed hefty measures against Russia, including freezing its central bank’s assets. Russia’s
