“The European energy sector right now is cracking at the seams. Without the contribution of UK oil and gas resources, that crack would be a gaping hole,” said OEUK Sustainability Director Mike Tholen.
Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.
Tesla CEO and world’s richest person Elon Musk on Monday backed additional efforts to drill for natural gas and oil in the short term, in line with his recent change in tune on the use of non-renewable sources like fossil fuels and nuclear energy.
Western countries are trying to cut the amount of Russian oil and gas they import following the invasion of Ukraine in February.
Egypt needs to improve regional stability and energy ties to fully benefit from its hydrocarbon exports
The Caspian Pipeline Consortium said that export disruptions could last more than one month.