Six member states of the European Union requested, on Saturday, the introduction of a tax at the EU level to be applied to oil companies, whose profits have skyrocketed as a result of the war in the Middle East, informs AFP. The finance ministers of Germany, Italy, Austria, Poland and Portugal, together with the economy […]
In a meeting of the Oil Coordination Group held today, the Commission and EU countries discussed the security of oil supply situation in the EU in light of recent reports on ongoing negotiations in the Middle East. The Oil Coordination Group noted reports that trade flows are slowly beginning to recover following the memorandum of […]
Oil prices fell slightly on Tuesday after Iran and Israel agreed to stop attacking each other, but behind the apparent calm, the crude market is facing a series of contradictory forces: a fragile truce in the Gulf, record oil tanker orders, signs of weakening short-term demand and a long-term outlook for consumption that refuses to […]
The International Energy Agency (IEA) has warned that global oil markets could enter a “red zone” in July and August as the rapid decline in crude stocks coincides with the start of peak summer fuel demand, writes OilPrice. The Northern Hemisphere is also entering its busiest fuel consumption season, compounded by severe global heat waves […]
Experts from the European Commission, EU countries and the International Energy Agency (IEA) met in the Gas and Oil Coordination Groups today to discuss the EU’s gas and oil security of supply situation in Europe, as the Middle East conflict enters its third month. The Gas Coordination Group confirmed that the EU’s gas security of supply […]
For the second time in less than five years, Europeans are paying the price of Europe’s dependency on imported fossil fuels. AccelerateEU is the Commission’s toolbox to bring immediate relief to European households and industries, especially the most vulnerable ones, while putting Europe on a steady pathway to energy independence. Since the escalation of the […]
If the Strait of Hormuz becomes a prolonged bottleneck, the public reflex is to think about oil and fuel prices. It is a natural reaction, but deeply incomplete. The real shockwave will not start at the pump, but in the factories. It does not hit the consumer first, but the producer. And this difference completely […]
OPEC oil production fell sharply in March, reaching its lowest level since the peak of the COVID-19 pandemic in June 2020, according to a Reuters survey. The decline was caused by the war between the United States and Israel against Iran, which effectively closed the Strait of Hormuz and reduced exports. Crude oil production from […]
In an ad hoc meeting of the Oil Coordination Group held yesterday, the Commission and Member States took stock of the situation concerning the EU’s security of oil supply following the supply disruption in the Druzhba pipeline due to Russian attacks on Ukraine’s energy infrastructure. During the exchange, Member States informed that they don’t see […]
The removal of Venezuelan President Nicolás Maduro from power by the US military is a move aimed at quickly redirecting the country’s oil exports back to the United States — and away from China. That will give American refineries an immediate boost, but President Donald Trump’s plans to restart production in the Latin American country […]
Global demand for oil and gas could rise by 2050, the International Energy Agency (IEA) has forecast, after previously announcing that it expected a rapid transition to cleaner fuels, and warned that humanity is unlikely to meet its climate goals, Reuters reports. The Paris-based organization has been under pressure from the US in recent years […]
A senior U.S. diplomat has rejected Hungary’s argument that its landlocked status leaves it no choice but to rely on Russian oil, as Washington steps up pressure on Budapest to find alternative suppliers, Bloomberg reports. “Our friends in Hungary should be doing a lot of planning, and obviously as a good ally, we will help […]
A top 10 company in Russia but less well-known in our country has made its first delivery of oil, of course Russian, to the newest refinery in the Black Sea area. It is also the first refinery in Georgia, a market where the Rompetrol group has been present for 20 years and where it provides […]
Europe’s economy will continue to rely on imported natural gas for decades to come as the transition to solar and wind power takes longer than expected, Austrian energy group OMV CEO Alfred Stern said Monday, Bloomberg reports. OMV expects natural gas to play a crucial role in electricity and industrial heating production at least until […]
