Hungary has been one of the Eu's most vocal critics of the organization's sanctions imposed on Russian oil and gas since the country is heavily reliant on it.
Without Russian natural gas, European governments scramble for enough LNG, but will settle for coal this winter, panelists say at Baker Institute conference.
Earlier this year, Exxon Mobil took a $4.6 billion impairment charge for exiting the Sakhalin 1 oil and gas project, its largest investment in Russia, although its head of upstream operations said on Oct. 4 it was still working with its partners on its exit.
Tellurian Executive Chairman Charif Souki also urged Europe to invest in U.S. liquefaction projects to assure future energy supply while also dodging a question about the future of Tellurian’s Driftwood LNG project during an industry event in London.
Germany and the EU took Russia’s bait and sprung Putin’s 20-year trap—and the global food supply is caught in the web with them, according to veteran natural gas market expert and Mercator Energy president, John Harpole.
Leaders of some of the world’s largest LNG companies said stocks depleted this winter and in the summer months that follow are likely to make resupplying the continent even more onerous.
Washington accused OPEC of siding with Russia and called the decision short-sighted saying the world was already suffering from high energy costs due to Russia’s invasion of Ukraine.
Shell CEO Ben van Beurden says many governments around the world are now obsessed with energy affordability, a key element of the energy “trilemma.”
Senior U.S. treasury official Ben Harris told the Argus European Crude Conference in Geneva that G7 sanctions will target Russian crude oil, while later ones will focus on diesel and a third phase will tackle lower value products such as naphtha.
India, which rarely used to buy Russian oil, has emerged as Moscow’s second-largest oil customer after China.