Oil Price Europe is set to increase its reliance on oil imports from the United States after the EU embargo on Russian seaborne crude imports enters into force in early December, Claudio Descalzi, chief executive of Italy’s energy group Eni, told Bloomberg in an interview on Monday. The embargo on Russian crude imported by sea kicks in on December 5. Supply to
Oil Price Eni (NYSE: E) reported on Friday third-quarter core earnings and net profit beating analyst expectations amid what the Italian energy group described as an “excellent performance” of its Global Gas & LNG Portfolio. Eni’s adjusted net profit for the third quarter came in at $3.7 billion (3.73 billion euros), more than double compared to the same period of
Natural Gas World LONDON/MADRID – Dozens of ships carrying liquefied natural gas (LNG) are circling off the coasts of Spain and other European countries unable to secure slots to unload because plants that convert the seaborne fuel back to gas are full. Europe is facing an energy supply squeeze as Russia has progressively cut gas flows after the West imposed
CNBC Russia’s nuclear fuel industry remains conspicuously untouched by European sanctions more than seven months into the Kremlin’s war in Ukraine — much to the dismay of Kyiv officials and environmental campaigners. Despite eight rounds of sanctions, targeted measures against energy exports and calls from Ukraine to impose a full embargo on nuclear trade, shipments of nuclear fuel to EU
Natural Gas World HELSINKI/BRUSSELS – Europe may limp through the cold winter months with the help of brimming natural gas tanks despite a plunge in deliveries from former top supplier Russia only to enter a deeper energy crisis next year, the head of the International Energy Agency said. European countries have filled storage tanks to around 90% of their
Oil Price The United States and its natural gas have been vital for Europe’s attempt to fill its gas storage ahead of this winter season. Yet record U.S. LNG exports have led to a surge in domestic gas prices. The boomerang is coming back. When President Joe Biden promised the European Union there would be enough natural gas for
World Oil (Bloomberg) — Europe’s carbon price jumped to a record as the region’s energy crisis is driving up demand for some of the most polluting fuels. Businesses are burning coal and even oil to keep power stations and factories running while cleaner-burning natural gas becomes increasingly scarce. The situation threatens to push up Europe’s carbon footprint this year
World Oil (Bloomberg) — Eni SpA is planning a second liquefied natural gas production vessel offshore Mozambique that could be built in less than four years to help Europe diversify supplies of the fuel, according to a company executive. The Italian oil and gas producer’s potential project would complement its $7-billion Coral-Sul FLNG platform moored off Mozambique’s northern coast that’s
CNBC The operator of Nord Stream 1, a key gas pipeline which runs from Russia to Germany, said Thursday it was in the process of resuming flows to Europe. There had been concerns across the region that there could be a complete shutdown of gas supplies via the pipeline after it was closed earlier this month for maintenance. Flows
CNBC A nuclear power plant in Switzerland is lowering its output in order to prevent the river that cools it from hitting temperature levels dangerous to marine life, in the latest example of how Europe’s current heatwave is having wide-reaching effects. On Monday, the Swiss Broadcasting Corporation’s international unit, citing the country’s public broadcaster SRF, said the Beznau nuclear power plant
CNBC Europe is bracing for an extended shutdown of Russian gas supplies as maintenance work begins on the Nord Stream 1 pipeline that brings gas to Germany via the Baltic Sea. Operator Nord Stream AG confirmed the work, which is scheduled to run from Monday through to July 21, got underway as planned Monday morning. Russian gas flows via
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
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