(Investing) – BRUSSELS -The European Commission will next month propose legal measures to phase out the EU’s imports of all Russian gas and liquefied natural gas by the end of 2027, it said on Tuesday. Here are the key details: GAS AND LNG Russia was Europe’s top gas supplier before its 2022 full-scale invasion of Ukraine, providing around 45% of the European
(Oil Price) – The Biden Administration is set to slap more sanctions on Russia’s oil exports by targeting tankers hauling Russian crude and products, sources familiar with the outgoing administration’s plans have told Reuters. “It is going to be a big package,” one of Reuters’s sources said. The current Administration plans to target vessels that carry Russian oil above the $60 per
MOSCOW – Russian gas supplies to Europe via Ukraine are set to end on New Year’s Day, bringing down the curtain on Moscow’s long period of dominance of supply in the European gas market. Russia’s oldest gas export route to Europe – a pipeline dating back to Soviet days – was set to shut at the end of 2024, as
(Investing) – U.S. President-elect Donald Trump said on Friday the European Union should step up U.S. oil and gas imports or face tariffs on the bloc’s exports that include goods such as cars and machinery. The EU already buys the lion’s share of U.S. oil and gas exports, according to U.S. government data. No extra volumes are currently available as the
(Oil Price) – Germany’s car manufacturing giant BMW is warning that an EU ban on the sale of gasoline and diesel cars from 2035 is “no longer realistic” amid slow EV sales as the European auto industry will see a “massive shrinking” with such a ban. European carmakers are already struggling with their EV sales as subsidies in many countries are
(Oil & Gas 360) – Energy policy was cited as a significant reason for the growing gap in global competitiveness between the European Union (EU) and its rivals China and the United States in a 400-page report to the EU released earlier this month. The report was submitted by Mario Draghi, who was prominent in the EU for nearly
US News LONDON – Oil prices rose on Friday in choppy trade as hopes of stronger Chinese demand and output cuts by OPEC and its allies offset concern about a global economic downturn and the impact of interest rate rises on fuel use. To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep
Reuters BRUSSELS – The European Union is considering a plan to increase its offshore wind energy capacity five-fold this decade and 25-fold by 2050, as it seeks to become climate neutral by mid-century, according to a draft policy. The 27-nation EU, which is already home to 42% of the world’s offshore wind capacity, says the technology now produces clean power
Reuters LONDON – Two energy industry veterans plan to launch an investment fund focused on hydrogen this year as more and more governments include the niche fuel in their global warming battle plans. Hydrogen has long-been touted as a potential clean fuel as it only emits water vapour but it has failed to gain traction, mainly because of historically high
From The Houston Chronicle An Iranian supertanker with $130 million worth of light crude oil that the U.S. suspects is tied to a sanctioned organization left Gibraltar and was heading east into the Mediterranean Sea on Monday, with its next destination reported to be Greece. The Iran-flagged Adrian Darya 1, previously named Grace 1, set course for Kalamata, Greece, with
From CNBC An Iranian oil tanker held in Gibraltar since early July has been officially released by local authorities, although it may not sail if a U.S. application to seize the vessel proves successful. On July 4, Gibraltar authorities with the help of the British Royal Marines, seized the Grace 1 oil tanker following suspicions it was delivering oil to
From The Houston Chronicle Iran expects an oil tanker seized by the U.K. in the Strait of Gibraltar in July will be released soon, the semi-official Fars News agency reported Tuesday, a move that could help to ease concerns about the safety of shipping routes in the Middle East. “Official and unofficial documents have been exchanged to resolve the matter
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