Category: Highlights

Oil slumped as Russia said it was taking steps to “de-escalate” the conflict in Ukraine, while floating the possibility of a meeting between President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy. The business secretary has effectively ruled out a windfall tax on North Sea oil firms to fund discounted energy bills but promised much greater investment in solar panels, wind and nuclear to reduce reliance on Russian oil and gas. Speaking amid reports of a cabinet split over landmark energy security plans due to be published within days, Kwasi…

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Futures in New York fell more than $7, briefly dropping below $100 a barrel before pairing some losses in the latest sequence of huge swings across the oil market. Moscow said it would sharply cut military operations near the Ukrainian capital of Kyiv, though troops had already been bogged down there for weeks. KEEP READING US consumer confidence edges up in March despite inflation List of companies still buying Russian crude oil Oil heads for weekly gain as Saudi facilities come under attack Biden’s ‘posturing’ on Russian oil risks wider…

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Several U.S. oil and gas groups have responded favorably to a recent U.S.-EU LNG deal, which was announced in a White House statement on March 25. Under the deal, the U.S. will strive to ensure additional LNG volumes for the EU market of at least 15 billion cubic meters in 2022 with expected increases going forward, the White House statement outlined. According to the statement, the European Commission will also work with EU member states toward ensuring stable demand for additional U.S. LNG, until at least 2030, of approximately 50…

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Gazprom has asked India’s largest gas transmitter GAIL (India) to pay for gas imports in euros instead of dollars, two sources said, in a sign the Russian energy giant seeks to wean itself away from the US currency in the wake of the Ukraine conflict. European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24. GAIL has a long-term gas import deal with Gazprom Marketing & Trading Singapore to annually buy 2.5 million tonnes of liquefied natural gas and…

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When President Biden appeared in Poland yesterday, he said that the Russian leadership could not remain in power if it continued to brutalize Ukraine. To this end, the global economic sanctions are meant to isolate President Putin not just from the civilized world but also from his people. What’s more likely is that Russia will get gradually elbowed out of the global energy supply chain. Russia’s economy centers on the sale of oil and natural gas. The country is also a supplier of nuclear energy technologies and the uranium to…

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