Oil is the largest commodity in the world, with the global crude oil market in 2022 estimated at $2.7 trillion. This trade is facilitated by both public and private entities and is dominated by traders of all types. Leading oil producers including the United States, Saudi Arabia, the United Arab Emirates, Russia and Iraq deliver oil to consumers like the European Union (EU), with a large part of Europe’s oil going through the ARA Amsterdam-Rotterdam-Antwerp) trade hub.
Europe is on track to import this month the highest volumes of diesel from the Middle East and Asia in seven years as the EU turns to alternative supply after the ban on imports of Russian diesel and other fuels took effect on February 5.
For years, Egypt has been performing a tough balancing act between the West and Russia, with Cairo casting itself as an actor that both parties can lean on. Egypt was the Soviet Union’s principal ally in the Middle East during the Cold War and remains an important partner today.
Europe has always been an importer of energy, so the energy transition offers an unparalleled opportunity for the EU to flip the switch and secure its energy sovereignty.
Europe’s benchmark gas prices extended losses early on Wednesday, falling by 3% in early trading in Amsterdam for a 25% decline so far this month, as inventories are high and milder weather is expected to return.
The energy crisis that began last year in Europe and dramatically escalated following the EU response to Russia’s invasion of Ukraine has seen many in government worry about the survival of the continent during the winter
The war in Ukraine has renewed European interest in investing in African oil and gas projects, according to a report from Reuters
Driven by fears that Russia may cut supply to Europe, the EU imported more LNG from the U.S. than pipeline gas from Russia for the first time ever
MP Andrey Gurulyov said that Europe would ‘croak’ if Russia attacked its no.1 oil hub in the Netherlands.