Russia accounted for 19 percent or 13.4 billion cubic meters (473.22 billion cubic feet) of EU gas imports in the fourth quarter (Q4), according to the European Commission’s quarterly gas market report. Russia’s share of gas imported into the 27-member bloc rose one percentage point from the prior three-month period and two percentage points against Q4 2023.
Russia accounted for 20 percent of gas imported by the EU via pipeline in the third quarter. Norway continued to be the EU’s top pipeline gas supplier with a share of 47 percent, followed by North Africa (16 percent). The United Kingdom was the EU’s fourth-biggest pipeline gas source accounting for 11 percent, while Azerbaijan came fifth with six percent.
A ceasefire to the Russia-Ukraine war could be bearish for oil prices if Trump pushes for the removal of sanctions on the Russian energy industry, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. Geopolitical stability may also “largely extinguish the still simmering ‘fear bid’ in the oil market.” Sanctions by the Biden administration roughly tripled the number of directly sanctioned Russian crude oil tankers, enough to affect around 900,000 barrels per day (bpd). Whereas it’s highly likely that Russia will try to circumvent the sanctions by employing even more shadow fleet tankers and ship-to-ship transfers, StanChart sees 500,000 bpd of displacements over the next six months.
The commitment was made during Putin’s two-and-a-half-hour phone call with President Trump during which the two discussed the next steps in the Ukraine war. A full 30-day ceasefire, as originally proposed by the U.S. side, was rejected by Russia, which sees it as a means of giving the Ukrainian army a break to rearm. One of Russia’s conditions for a peace agreement is the suspension of all U.S. military aid to the Kyiv government.
Russia is increasingly using cryptocurrencies in its oil trade with top clients China and India amid U.S. sanctions, Reuters has reported, citing unnamed sources, who said Russian oil traders were using the cryptocurrencies to facilitate the conversion of yuans and rupees into rubles.
Russia is to restart its key oil and gas operations in the semi-autonomous Kurdistan Region of Iraq (KRI) according to recent comments from its Energy Minister Sergei Tsivilev.
Three years ago, Europe suffered one of its biggest energy crises in modern history following Russia’s invasion of Ukraine.
The eight OPEC+ countries that pledged additional voluntary output reductions in 2023 have announced that they will proceed with their plan to gradually roll back the reductions.
Iraq is committed to increasing investment in its gas sector as a key driver for economic growth, according to Oil Minister Hayan Abdul Ghani recently.
OPEC+ has not discussed delaying the increase in its oil supply currently planned to begin in April, Russian Deputy Prime Minister Alexander Novak said on Monday.