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 […]
Montenegro’s oil and gas ministry has announced that it has cancelled a second tender for the reconstruction of state-owned oil storage facilities in the Adriatic city of Bar after two bids were disqualified, SeeNews reports. One of the bids was submitted by the Croatian-Montenegrin consortium S.A.K.Z.-Tibox-Oliver and was disqualified due to an unpaid tax debt […]
Investment in new oil and gas projects could prove indispensable, the International Energy Agency (IEA) announced Tuesday, as the Donald Trump administration exerts pressure to adopt less unfavorable forecasts regarding fossil fuels, informs AFP. In a report based on the analysis of data from 15,000 hydrocarbon fields, the Paris-based agency found that production declines in […]
Hungary openly buys Russian oil because it has no alternative, while other European countries secretly and indirectly buy Russian oil because it is cheaper, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó said in Budapest on Friday. According to him, the interests of Hungary and Romania fully coincide in the energy field. According to […]
S&P Global expects Brent crude prices to fall to $55 a barrel by the end of the year, driven by increased supply following OPEC+’s decision to reverse cuts agreed in 2022, according to OilPrice. Speaking at the Asia-Pacific Oil Conference in Singapore, Dave Ernsberger, co-chairman of S&P Global Commodity Insights, said: “If there is a […]
