Italy Declares State of Emergency in Regions Hit by Drought
Italy’s Cabinet declared a state of emergency in five regions that have been heavily hit by drought, according to a government statement. View full article at www.bloomberg.com
Ukraine War Hits Germany With First Trade Deficit in Over Three Decades
Germany posted a trade deficit for the first time in more than three decades in May, underlining the impact of the Ukraine war on Europe’s largest economy, whose reliance on Continue Reading
In Putin’s Russia, the Arrests Are Spreading Quickly and Widely
They came for Dmitri Kolker, an ailing physicist, in the intensive care ward. They came for Ivan Fedotov, a hockey star, as he was leaving practice with a film crew Continue Reading
Russia Announces 82-Million-Ton Arctic Oil Discovery
Russian oil and gas giant Rosneft claims to have made an 82-million-ton oil discovery in the Pechora Sea. Rosneft has a controlling interest in 28 offshore licenses in the Arctic Continue Reading
The Netherlands Calls On Large Energy Users To Reduce Consumption
The Netherlands said on Monday that large energy consumers would need to cut back on their usage beginning at the start of next year, Reuters has reported. The restrictions are Continue Reading
Gazprom Demands Rubles For LNG
Gazprom is proposing to extend the rubles-for-gas scheme to liquified natural gas (LNG), a senior executive said on Monday, days after Russia moved to take full control over the Sakhalin-2 Continue Reading
Pakistan ponders Russian crude imports, seeks input from refiners
The Pakistani government has asked its refineries to provide feedback on importing attractively-priced Russian crude in an effort to soften the blow from a ballooning import bill, joining a list Continue Reading
Strike ends at Exxon refinery in France
A workers’ strike at Exxon Mobil’s (XOM.N) Esso refinery in Fos-sur-Mer in southern France stopped on Saturday and the halted units are being restarted, the company said on Sunday. “We’re Continue Reading
Germany preparing to help stricken Uniper through energy security law: sources
The German government wants to enshrine possible rescue measures for energy companies such as Uniper (UN01.DE) in its energy security law and may end up acquiring a stake in the Continue Reading
Germany’s 15 billion euro credit line for gas might not be enough, regulator warns
The head of Germany’s energy regulator warned that the 15 billion euros’ ($15.64 billion) worth of credit lines provided by the government to buy gas for storage facilities may not Continue Reading
Norway strike could cut gas output by 13% next week, oil lobby says
A planned strike next week by Norwegian energy sector workers could cut the country’s gas output by 292,000 barrels of oil equivalent per day, or 13% of output, employers’ group Continue Reading
No guarantees Swiss will always have enough gas, minister says
Swiss businesses would be first to have energy rationed in the event of supply shortages, Energy Minister Simonetta Sommaruga told the SonntagsZeitung, warning that the government cannot guarantee there will Continue Reading
Ukraine war to shift to Donetsk after fall of Luhansk; Russia claims major victory
City was last Ukrainian stronghold in Luhansk region Russia says has “liberated” Luhansk region Zelenskiy vows to regain control with long-range weapons Blasts hit Russia’s Belgorod, southern Ukraine base -officials Continue Reading
Moscow blames Ukrainian missile attack for deaths in south Russian city
At least three people killed, buildings damaged in Belgorod Regional governor says attack intentionally targeted civilians Ukraine has not claimed responsibility for strikes in Russia July 3 (Reuters) – At Continue Reading
European Gas Extends Blistering Rally as Supply Woes Deepen
Natural gas in Europe rose to the highest level in almost four months as planned strikes in Norway threaten to further tighten a market that’s already reeling from Russia’s supply Continue Reading
Swiss Inflation Hits 29-Year High on Ukraine War, Supply Chains
Swiss inflation hit 3.4% in June. Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast . Inflation in Switzerland accelerated to the fastest Continue Reading
Who Is Still Buying Russian Oil And Gas?
Even with sanctions and import bans, Russia is still exporting billions of dollars worth of fossil fuels. In the first 100 days since its invasion of Ukraine, Russia has averaged Continue Reading
Russia will replace Sakhalin-2 project operator with new firm
Russia will create a firm that will take over all rights and obligations of the Sakhalin Energy Investment Company amid Western sanctions imposed on Moscow, a decree signed by President Continue Reading
Exclusive: Germany plans levy on gas bills for all consumers
The German government aims to impose a levy on all gas consumers to help suppliers grappling with rapidly rising import prices, a proposal seen by Reuters showed on Friday. The Continue Reading
Western companies in Russia’s oil and gas sector
President Vladimir Putin has signed a decree to seize full control of Sakhalin-2 gas and oil project in Russia that could force out Shell and Japanese investors, Moscow’s latest broadside Continue Reading
Exxon about to shut down French Fos refinery due to strike
Exxon Mobil (XOM.N) said on Friday that a strike by workers over pay was forcing it to gradually shut down operations at its Fos refinery plant in southern France. “We Continue Reading
Gazprom’s gas exports to Europe via Ukraine steady on Friday
Russian gas producer Gazprom (GAZP.MM) said its supply of gas to Europe through Ukraine via the Sudzha entry point was seen at 42.1 million cubic meters (mcm) on Friday compared Continue Reading
Russia’s Move on Gas Plant Intensifies Competition for Fuel
Russia’s move to reshuffle ownership of the Sakhalin-2 natural gas project may constrict global markets even more by pushing Japan to compete with Europe for alternative sources of supply. President Continue Reading
Eurozone inflation hits record 8.6% in June
Price growth in the eurozone hit a record high of 8.6 percent in the year to June, intensifying tensions between rate-setters at the European Central Bank over the speed of Continue Reading
Supply Disruptions Drive Bullish Sentiment In Oil Markets
Bullish sentiment is once again building in oil markets as supply disruptions mount and global oil demand growth continues unabated. Friday, July 1st, 2022 As uncertainty builds around the supply Continue Reading
Hamburg senator warns of hot water rationing if gas shortage becomes acute
The German city of Hamburg will ration hot water for private households and limit the maximum heating temperature in the event of an acute gas shortage, its environment senator said Continue Reading
The Great European Energy Market Bailout Is Only Getting Started
Three decades ago, Europe decided to open up its energy markets to foster competition, a move meant to bring lower prices for consumers across the continent. Fast forward to 2022, Continue Reading
Russia’s messages with missiles tell West to back off
The latest in a litany of horrors in Ukraine came this week as Russian firepower rained down on civilians in a busy shopping mall far from the front lines of Continue Reading
Germany Risks ‘Imminent’ Recession on Gas Cutoff, Deutsche Bank Says
Likelihood of German Recession ‘Clearly’ Increasing: Ifo’s Fuest. European economies are facing a major new shock from slowing deliveries of Russian natural gas, which threaten to push inflation even higher Continue Reading
EU Imports More U.S. LNG Than Russian Pipeline Gas For The First Time Ever
For the first time in history, U.S. LNG overtakes Russian piped gas in EU. IEA: The drop in Russian supply calls for efforts to reduce EU demand to prepare for Continue Reading
UK Ready To Pay Companies To Cut Electricity Consumption
The UK’s National Grid is exploring the idea of paying companies in Britain to use less electricity next winter as part of measures to conserve gas and avoid blackouts, Bloomberg Continue Reading
Europe’s Power Prices Surge As Market Fears Worsening Supply Crunch
Electricity prices in Europe are soaring again as the market starts to fear that energy shortages this winter would be much larger than expected a few weeks ago. The German Continue Reading
Russia seizes control of Sakhalin gas project, raises stakes with West
President Vladimir Putin has raised the stakes in an economic war with the West and its allies with a decree that seizes full control of the Sakhalin-2 gas and oil Continue Reading
Euro-Zone Inflation Hits Record in Boost for Big-Hike Calls
First ECB rate increases in over a decade to kick off in July Photographer: Andrey Rudakov/Bloomberg Euro-area inflation surged to a fresh record, surpassing expectations and bolstering calls for the Continue Reading
Putin orders transfer of Sakhalin-2 gas project to Russian entity
Vladimir Putin has ordered the transfer of all rights to the Sakhalin-2 natural gas project to a Russian entity in a move that could force foreign investors including Shell, Mitsubishi Continue Reading
Russia Muscles In on Indian Oil Market at Expense of OPEC Titans
Oil barrels and a metro train in Faridabad, India. Watch out Iraq and Saudi Arabia, Russia is making huge inroads into the Indian oil market and has quite possibly become Continue Reading
Dutch government to invest 750 mln euros to develop hydrogen network
The Dutch government on Wednesday said it would invest 750 million euros ($789 million) through to 2031 to develop a national hydrogen transportation network. In a letter to parliament, Energy Continue Reading
Putin still wants most of Ukraine, war outlook grim -U.S. intelligence chief
Russian President Vladimir Putin attends Caspian Summit in Ashgabat, Turkmenistan June 29, 2022. Sputnik/Grigory Russian President Vladimir Putin still wants to seize most of Ukraine, but his forces are so Continue Reading
Russia’s Oil Production Jumps By 5% In June
Russia’s crude and condensate production has increased in June by 5% to an average of 10.7 million barrels per day (bpd), Russian daily Kommersant reported on Wednesday, quoting sources familiar Continue Reading
Germany’s Energy Crisis Could Worsen Amid Low Wind Power Output
The energy crisis in Germany risks becoming more severe in the coming days as wind power generation will dip amid low wind speeds this week, according to a Bloomberg weather Continue Reading
Russia abandons Snake Island in strategic victory for Ukraine
KYIV, June 30 (Reuters) – Russian forces announced on Thursday they had abandoned the strategic Black Sea outpost of Snake Island, in a major victory for Ukraine that could loosen Continue Reading
Gazprom cancels dividend for first time since 1998, shares dive
Logo of the Russian energy company Gazprom is seen on а station in Sofia, Bulgaria, April 27, 2022. REUTERS/Spasiyana Sergieva MOSCOW, June 30 (Reuters) – Russian gas giant Gazprom (GAZP.MM) Continue Reading
U.S. sends Ukraine $1.3 billion in emergency economic aid
The Treasury Department on Wednesday announced the delivery of $1.3 billion in economic aid to Ukraine, as the United States seeks to help the beleaguered nation respond to the enormous Continue Reading
Gas Supplies to Europe Holding Firm
‘Market participants are still wary of further supply cuts and elevated prices though’. Gas supplies to Europe are holding firm despite ongoing troubles at the Nord Stream 1 pipeline, leaving Continue Reading
Oil Tanker Is Stopped by U.S. in Transit From Russian Port to New Orleans
U.S. authorities have stopped a ship traveling from Russia to Louisiana with a cargo of fuel products, say people familiar with the matter. The Daytona tanker is owned by Greek Continue Reading
European Gas Prices Rise as Supply Risks Add to Storage Concerns
Europe may struggle to tap LNNG to replace missing Russian supply. Source: Bloomberg Natural gas prices in Europe increased on Wednesday amid risks that the supply situation could deteriorate as Continue Reading
Rice fields dry up as Italy’s drought lingers on
The worst drought Italy has faced in 70 years is thirsting paddy fields in the river Po valley and jeopardizing the harvest of the premium rice used for risotto. Italy’s Continue Reading
UK plans to cut pipelines to EU if Russia gas crisis intensifies
The UK will cut off gas supplies to mainland Europe if it is hit by severe shortages under an emergency plan that energy companies warn risks exacerbating a crisis on Continue Reading
US to boost Europe military presence as Nato strengthens defences
The US will increase its military deployments in Europe as part of a scaling up of Nato defenses, President Joe Biden said, in response to Russia’s invasion of Ukraine. Biden Continue Reading
In Blow to Putin, Turkey Won’t Bar Sweden and Finland From NATO
NATO’s top official said Tuesday that Turkey had dropped its objections to the membership of Sweden and Finland, two historically nonaligned nations that, alarmed by Russia’s invasion of Ukraine, have Continue Reading