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
Russian state gas giant Gazprom has already cut gas flows to Germany via the key Nord Stream 1 pipeline by 60% from last month, citing an equipment hold-up in Canada as a result of sanctions over the war in Ukraine.
Crude has surged in 2022, with Brent hitting US$139, its highest since 2008, in early March as Russia’s invasion of Ukraine exacerbated supply concerns
slowing demand growth and rising production from other major oil economies will help weather the effect of sanctions on Russia.
Russia’s new sanctions, which include a total of 30 entities, have increased momentum as the European Union stalls over plans for a Russian oil ban.