Tag: energy
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Germany to fire up coal stations as Russia squeezes gas supply
“The situation is serious,” Habeck said in a statement. “We are therefore continuing to strengthen precautions and taking additional measures to reduce gas consumption. This means that gas consumption must fall further, but more gas must be put into the storage facilities, otherwise things will really get tight in winter.” Germany is heavily reliant on…
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Triple whammy for European gas supplies sends prices soaring
Italian energy giant ENI said Wednesday that Gazprom, Russia’s state gas producer, would cut its supplies by 15%. It did not know the reason, an ENI spokesperson told CNN Business. The news comes the same day Gazprom said it would cut flows through its Nord Stream 1 pipeline — a major artery linking Russia’s gas…
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Europe is making it much harder for Russia to ship oil anywhere
But a smaller part of the latest sanctions package could prove just as significant. A ban on insuring ships carrying Russian oil would make it harder for Moscow to divert hundreds of thousands of barrels a day to other buyers in India and China, and that could drive global oil prices even higher. “Targeting the…
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Russian gas: Europe is running out of time to find alternatives
Just 24 hours after Ukraine reduced the flow of natural gas across its territory into Europe, blaming interference by Russian troops, Gazprom suspended supplies through the Yamal-Europe pipeline running across Poland, and stopped sending gas to a distributor in Germany. While the volumes affected are small, in total accounting for just a few percent of…
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Qatar will stand ‘in solidarity’ with European countries during energy crisis
The Gulf monarchy supplies some European countries with liquefied natural gas (LNG) but has the contractual right to divert supply to other customers -— primarily in Asia — if they are willing to pay more. “We’re not going to divert [contracts] and will keep them in Europe, even if there is financial gain for us…
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Europe is talking about joining the Russian oil embargo
At a series of meetings beginning Monday, EU leaders will discuss whether to dump by far the biggest supplier of oil to the region, having already committed to cutting Russian natural gas use by 66% this year. “We have to discuss how we can support Ukraine even further, politically, economically, with humanitarian aid, security wise,…
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Russia could lose 30% of its oil output within weeks, IEA warns
The world’s second-largest crude oil exporter could be forced to limit output by 3 million barrels per day in April, the International Energy Agency warned on Wednesday, as major oil companies, trading houses and shipping companies shun its exports and demand in Russia slumps. Russia was pumping about 10 million barrels of crude per day,…