US News BRUSSELS/VLADIVOSTOK Russia -The European Union proposed a price cap on Russian gas on Wednesday after President Vladimir Putin threatened to cut off all energy supplies if it took such a step, raising the risk of rationing in some of the world’s richest countries this winter. The escalating standoff could drive up sky-high European gas prices further,
Nasdaq BRUSSELS – The European Union is drafting emergency plans to intervene in its energy market, as pressure grows from member states to put a lid on the surging price of electricity. European Commission chief Ursula von der Leyen said on Monday Brussels was preparing an intervention to separate power prices from the soaring cost of gas – as
CNBC LONDON — The EU signed a new gas deal with Azerbaijan on Monday, as officials scramble to secure future supplies amid growing fears about a Russian cutoff. European officials have been preparing for a potential complete shutdown of gas supplies from Russia in the wake of Moscow’s invasion of Ukraine. Russia has for several years been Europe’s most important source of
Yahoo Finance LONDON- Oil prices firmed on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai. Brent crude was up $2.40, or 2.1%, at $118 a barrel by 1357 GMT. U.S. West Texas Intermediate (WTI) crude rose $2.54, or 2.2%, to $117.21. Both benchmarks registered
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
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
Nasdaq BRUSSELS, May 16 – The European Commission has confirmed how European Union companies can pay for Russian gas without breaching the bloc’s sanctions against Russia, in updated guidance on the issue seen by Reuters. The Commission told countries last month that European companies may be able to pay for Russian gas without breaching EU sanctions against Moscow, but only
World Oil (Bloomberg) — The European Union’s executive arm is set to bolster renewables and energy savings goals as part of a 195 billion-euro ($205 billion) plan to end its dependency on Russian fossil fuels by 2027. The European Commission will propose raising its clean energy target for 2030 to 45% from the current 40% when it puts forward a
Reuters LONDON: Oil prices jumped on Wednesday as the European Union, the world’s largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China. Brent crude futures rose $3.99, or 3.8%, to $108.96 a barrel by 1121 GMT. West Texas Intermediate crude futures rose $4.05, or 4%, to $106.46 a barrel.
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
