US News FRANKFURT/MILAN – Europe’s biggest Russian gas buyers raced to find alternative fuel supplies on Monday and could burn more coal to cope with reduced gas flows from Russia that threaten an energy crisis in winter if stores are not refilled. Germany, Italy, Austria and the Netherlands have all signalled that coal-fired power plants could help see the continent
Reuters Ukraine has signed a deal for the U.S. nuclear power company Westinghouse to supply fuel to all of its atomic power stations in an effort to end the country’s reliance on Russian supplies, Ukraine’s state nuclear company said on Friday. The agreement also increases the number of new nuclear units Westinghouse will build to nine from an earlier five, and
Reuters BRUSSELS -European Union leaders have agreed an embargo on Russian oil imports that will kick in around the turn of the year – and for now exempts the pipeline imports that Hungary and two other landlocked Central European states rely on. The ban, agreed overnight after weeks of wrangling, aims to remove 90% of Russia’s crude imports into the
World Oil (Bloomberg) — The OPEC+ coalition will likely hold firm to its oil production plans this week even as the European Union moves to sanction group member Russia, delegates said. Global oil supply and demand levels remain stable, with no severe disruption yet to Russian exports, and thus require little action from the 23-nation alliance, according to the officials. With most
Reuters BRUSSELS: EU countries scrambled on Friday to reach a deal that would embargo seaborne deliveries of Russian oil but still allow deliveries by pipeline, a compromise to win over Hungary and unblock new sanctions against Moscow, officials said. An agreement could be reached by envoys of European Union governments in Brussels on Sunday, in time for their leaders to
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
