Zelenskiy Says Russia Wages ‘Open Gas War’ Against United Europe
Russia dealt a new blow to European countries over their support for Ukraine on July 25, saying it would further cut gas supplies through its single biggest gas link to Germany.
Brent Premium to US Crude Hits Widest in Three Years
Supply tightness from Russia’s invasion of Ukraine pushed Brent’s intermonth spreads to $4.82/bbl on July 22, the widest backwardation on record when excluding expiry-related peaks in the last two months.
Russia’s Gazprom Tightens Squeeze on Gas Flow to Europe
President Vladimir Putin had foreshadowed the latest cut, warning the West this month that continued sanctions risked triggering catastrophic energy price rises for consumers around the world.
EU Countries Rewrite Plan to Cut Gas Demand, Seek Carve-outs
The European Commission's plan to cut gas supplies imported from Russia has been criticized for adding too many exemptions, leading to the fear that the EU won't have the gas supplies to make it through the winter.
Kremlin: Nord Stream 1 Turbine to be Installed, Volumes Will Adjust
Kremlin spokesman Dmitry Peskov stopped short of saying gas supply would increase, noting that further Nord Stream 1 pipeline equipment needed to be repaired.
Putin Discusses Oil Market with Saudi Crown Prince Days after Biden’s Visit
The conversation took place six days after U.S. President Joe Biden visited the prince in Saudi Arabia—highlighting the kingdom’s importance to both Washington and Moscow at a time when Russia's war in Ukraine is roiling global energy markets.
EU Tells Members to Cut Gas Usage Amid New Putin Warning
The Nord Stream 1 pipeline, previously halted for maintenance, will resume pumping on July 21, but the EU has warned members to reduce gas consumption by 15% from August 2022 through March 2023.
Saudi Minister: We See Lack of Refining Capacity, Not of Oil
“As of today, we don’t see a lack of oil in the market. There is a lack of refining capacity, which is also an issue, so we need to invest more in refining capacity,” Foreign Minister Prince Faisal bin Farhan Al Saud said.
South Korea Willing to Back US Plan to Cap Russian Oil Price
U.S. Treasury Secretary Janet Yellen, in the wake of Russia’s invasion of Ukraine, has been championing a price cap on Russian oil in a bid to avert a price spike that could prompt a recession.
Canada Sends Repaired Nord Stream Turbine to Germany: Sources
The return of the turbine from Canada to the Russian Portovaya compressor station, a crucial element of Nord Stream, has been in focus for the past month since Russian energy producer Gazprom reduced gas supplies to Germany.