BRUSSELS—The European Union has enough gas for the winter but could face a shortage next year if Russia cuts supplies further, the International Energy Agency (IEA) said on Monday, urging governments to act faster to save energy and expand renewable energy sources. Despite Russia slashing gas deliveries this year, Europe started the winter with brimming…
EU’s Gas Price Cap Scheme Could Backfire, Raise Volatility: ECB
December 9, 2022
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FRANKFURT—Proposed European Union rules aimed at tempering natural gas price spikes may actually jeopardize financial stability and need to be redesigned, the European Central Bank said on Thursday in a formal opinion. The EU proposed a “market correction mechanism” last month aimed at tempering natural gas prices and market volatility after a spike in energy…
Action After Alleged Gas Cartel Attempt
A mining services company has rejected allegations it tried to establish a cartel with rivals in breach of competition laws. The Australian Competition and Consumer Commission on Thursday alleged Qteq attempted to enter or induce four other suppliers into an arrangement to not provide certain services to large oil and gas companies. The suppliers approached…
US Aims to Double Gas Exports to UK Under Plans to Drive Down Energy Prices
The United States aims to double its gas exports to the UK under plans to boost energy security and drive down energy prices. U.S. President Joe Biden and UK Prime Minister Rishi Sunak announced on Dec. 7 that they have set up the “UK–U.S. Energy Security and Affordability Partnership,” a new high-level bilateral group to…
Qatar to Supply Liquefied Natural Gas to Germany From 2026
November 29, 2022
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DOHA, Qatar—Qatar is to supply liquefied natural gas to Germany under a 15-year deal signed Tuesday as the European economic powerhouse scrambles to replace Russian gas supplies that have been cut during the ongoing war in Ukraine. Officials gave no dollar value for the deal, which would begin in 2026. Under the agreement, Qatar would…
Is Fossil Fuel Actually Produced Renewably Inside the Earth? Some Scientists Theorize ‘Abiotic’ Origins of Oil
Most people are taught that petroleum is formed deep under the Earth over the course of millions of years and is derived from the remains of plankton, plants, and other biological organisms. This explanation is stated matter-of-factly on certain government and educational websites. This theory for oil formation is, however, just that—a theory. There is…
List of Global Sanctions Against Russia, the Impact on the Russian Economy, and Companies Fleeing the Country
November 22, 2022
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After Russia invaded Ukraine in late February, the Western world united to impose sanctions against Moscow in a bid to punish the country and force the government to pull back its forces. These sanctions have affected the Russian economy, with the country seeing a drop in imports and exports, as well as international firms shutting…
EU Gas Price Cap Could Cause Permanent Damage to Markets, Europe’s Energy Exchanges Warn
With the European Union (EU) pushing ahead with its proposal to cap gas prices, leading energy exchanges are warning that the decision could pose a serious economic threat to the region. In a Nov. 19 letter to members of the European Commission, the Association of European Energy Exchanges (“Europex”) pointed out that gas derivatives were…
Officials: Gas Pipeline Explodes Near Saint Petersburg
The regional government said a gas pipeline exploded outside Saint Petersburg, Russia, on Saturday causing a large fire. Huge flames could be seen from miles around. According to the Russian Emergency Ministry, the explosion was caused by a pipeline failure and no one was hurt. The pressure on the main gas pipeline has been reduced,…
Official: Gas Tank Explosion in Northern Iraq Kills 15
BAGHDAD (AP) — The death toll from a heating gas tank that exploded in a residential complex in northern Iraq has risen to 15, an civil defense official said Friday. The explosion a night earlier in the city of Sulimaniyah destroyed three homes and also injured 16 people. On Thursday night, Kurdish officials and local…
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