Gazprom and CNPC discuss future Russian Gas Supplies to China
Gazprom reported that the heads of Russia's Gazprom, and China's CNPC, discussed future Russian gas deliveries to China in Beijing during their talks. Moscow is seeking stronger ties with China, which is the world's largest energy consumer. Since the beginning of the Ukraine conflict in February 2022, Russia, which holds the world's largest reserves of gas, has diverted oil from Europe to India, and China. Gleichzeitig, the diversification of Russian pipeline natural gas imported from the European Union is slow. The Power of Siberia Pipeline began exporting gas to China at the end of 2019.
Oil Prices Rise as Investors Consider Market Uncertainties
Oil prices rose over 2% on Friday as investors weighed a tight short-term market against the potential surplus this year forecast by the IEA, while U.S. tariffs and possible further sanctions on Russia were also in focus.Brent crude futures were up $1.68, or 2.5%, at $70.32 a barrel by 1:22 p.m. EDT (1722 GMT). U.S. West Texas Intermediate crude gained $1.83, or 2.8%, to $68.40 a barrel.At those levels, Brent was headed for a 2.9% gain on the week, while WTI was up around 2% from last week's close.The IEA said on Friday the global oil market may be tighter than it appears…
European Commission to Propose Floating Price Cap on Russian Oil
The European Commission is expected to propose a floating Russian oil price cap this week as part of a new draft sanctions package in an attempt to overcome opposition from some member states, four EU diplomats said.The Commission proposed lowering the Group of Seven (G7) nations' price cap from $60 a barrel to $45 barrel in June in its 18th package of sanctions against Russia for its invasion of Ukraine. The G7 price cap, aimed at curbing Russia's ability to finance the war in Ukraine, was originally agreed in December 2022.The plan to lower the price cap was prompted by a fall in global oil prices…
Source: Russian government talks tax relief for Gazprom
A government source revealed on Monday that the Russian government is considering tax reliefs for the energy giant Gazprom. These could be offset by higher taxes on gas producers in general. Novatek and Rosneft, two other major gas producers in Russia, are also listed. Moscow must balance the need for increased military spending in the face of the conflict in Ukraine, with the rising budget deficit as well as providing adequate support to Gazprom which has seen its lucrative sales into Europe fall. Gazprom lost almost $7 billion dollars in 2023. This was its first loss in over 20 years. Europe boycotted Russian gas because of its actions in Ukraine.
Sources say that OPEC+ is set to increase oil production again in August.
Four delegates from OPEC+ said that the world's largest oil producer group, OPEC+ is planning to announce a production increase of 411,000 barrels a day for August in order to regain market shares. If the agreement is reached, the increase in supply by OPEC+ would be 1.78 million bpd, which is equivalent to more than 1.5% of the global demand. The group hasn't yet increased production to the agreed volumes because some members have been compensating for overproduction while others are taking longer to bring their output online. After several years of production cuts totaling more than 5,000,000 bpd, the group made a radical policy change this year.
The price of gas in Europe is rising due to maintenance work done by the Norwegians and a lower wind forecast
The wholesale gas prices in the Netherlands and Britain rose on Thursday, supported by continued maintenance in Norway and forecasts for lower wind output. Meanwhile, the market is monitoring developments between Russia and Ukraine. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub increased by 0.93 euros to 36.28 Euro per megawatt hour at 0834 GMT. The British front-month contracts was 2.61 pence more expensive at 85.76 cents per therm. The total Norwegian export nominated decreased by 35 million cubic metres per day (mcm/d), to 262 mcm/d, as maintenance at Kollsnes and Troll began.
Serbia will investigate Russian allegations that it shipped arms to Ukraine
Aleksandar Vucic, the president of Serbia, said that Serbia and Russia would jointly investigate how Serbian-made ammunition ended up in Ukraine after Moscow accused Belgrade exporting weapons to the government of Kyiv. The SVR (Russian foreign intelligence service) accused Belgrade of a "stab in the back", alleging that Serbia's defence producers were selling weapons and ammunition to Ukraine. The SVR stated that Serbia sent arms to Ukraine via NATO intermediaries including the Czech Republic and Poland, as well some African countries. Serbia is able to maintain a balance between its historic ties with Russia, and those of the European Union.
Russian Arctic LNG 2 Starts Second Production Train
Russia's Arctic LNG 2 plant, which is subject to U.S. sanctions, has started production at its second train even after it has been unable to sell liquefied natural gas from a first train, a source familiar with the matter told Reuters.Russian energy company Novatek declined to comment.It owns 60% in the plant located on the Gydan peninsula that juts into the Kara Sea and had been set to become one of Russia's largest LNG plants with an eventual output of 19.8 million metric tons per year at three trains.Novatek began production at Arctic LNG in December 2023…
Prices of gas in Europe rise due to tighter supply
Due to maintenance issues and limited supply, wholesale gas prices in the Netherlands and Britain rose on Tuesday morning. LSEG data shows that the benchmark Dutch front-month contract rose 0.99 euros to 36.19 Euro per megawatt hour at 0830 GMT. The British contract for the month of June increased by 2.20 pence, to 86.61 cents per therm. Oleh Scrynyk, LSEG analyst, predicted that both British and Dutch gas prices would be on the rise, due to tight supply, maintenance risks and a forecast of colder temperatures. LSEG data shows that Norwegian flows into Britain have dropped by 23 million cubic meters (mcm), to 41 mcm/day, due to some rerouting to France.
Germany: Europeans should pressurize Russia with sanctions
German Chancellor Friedrich Merz announced late Monday that European leaders had agreed to increase the pressure on Russia via sanctions after U.S. president Donald Trump briefed on his conversation with Russian President Vladimir Putin. On Monday, the European Union leaders, France, Italy and Germany, as well as the Ukrainian President Volodymyr Zelenskiy, met with Russian President Vladimir Putin and Ukraine's Volodymyr Zalenskiy in an effort to bring about a solution. In Ukraine, the end is near. Trump announced after the phone call that Russia will begin ceasefire talks in the three-year conflict.
EUROPE GAS - Prices rise due to colder weather and maintenance in Norway
Dutch and British wholesale prices of gas rose slightly Monday morning but continued to trade within a narrow range. This was due to a forecast for cooler weather and a lower Norwegian flow to continental Europe because of maintenance at the Kollsnes processing plant. LSEG data shows that the benchmark Dutch front-month contract rose 0.26 euros to 35.40 Euro per megawatt hour or $11.50/mmBtu at 0848 GMT. The British day-ahead contracts was up 4.55 pennies at 84.55 cents/therm. LSEG data shows that the average temperature in North-West Europe is expected to increase by 1.5 degrees Celsius the next day, but then drop below the normal seasonal range on May 22.
EUROPE GAS-Prices rise on US-China tariffs deal
Dutch and British wholesale prices for gas rose on Monday, boosted by the news that the U.S. had reached a deal with China to reduce tariffs. This has improved the outlook of the economy. The benchmark Dutch contract for the front month gained 1.17 euro to 35.87 Euros per Megawatt Hour (MWh), which is $11.68/mmBtu by 0828 GMT, and the contract for July was up 0.95 Euros at 35.45 EUR/MWh. The British June contract increased by 2.61 pence, to 85.66 pence/therm. The day-ahead contract also rose 3.75 pences at 80.50 pence/therm. The United States announced on Monday that it had reached an agreement with China for a 90 day pause in the tariff war…
Kremlin: Russia and US have begun talks about Russian gas flowing to Europe
A Kremlin official confirmed on Friday that the issue of Russian gas shipments into Europe was being discussed in talks between Russia, and the United States. This confirms an exclusive report from a day before. After the Nord Stream pipes under the Baltic Sea blew up in 2022, Russian gas exports into Europe were slashed. Gas flows through Ukraine halted at the beginning of this year after Kyiv refused a transit contract due to the war. But now, U.S. It is pushing for peace, which could lead to a thaw of gas relations. Eight sources have confirmed that Washington and Moscow officials have met. The U.S. is helping revive Russian gas sales in the continent.
Minister: Russia and China discuss Beijing's involvement in Russian LNG projects
Interfax reported that Russian Energy Minister Sergei Tsivilev said on Thursday that the Russian and Chinese delegations were discussing Chinese companies' participation in Russian projects for liquefied gas. Tsivilev, when asked about the possibility that Russian companies could enter LNG projects in Ust-Luga and other locations in Russia Tsivilev replied that the topic is "being discussed" at the moment but provided no further details. Silk Road Fund and China National Offshore Oil Corporation are both involved in the Arctic LNG 2 Project.
Kremlin: Oil price is important for Russia but the national interest comes first
Dmitry Peskov, Kremlin spokesperson, said that oil prices are crucial to the Russian budget and economy. However, Russian national interests come first, he added. Peskov commented on remarks made by U.S. president Donald Trump who suggested that Vladimir Putin may be more inclined than usual to resolve the conflict with Ukraine due to the recent drop of oil prices. Peskov stated that Russia was working with OPEC+ in order to maintain prices at a level optimal. "It is still relevant and, as you may know, Russia has been working for a very long time in the OPEC+ format to keep prices at an ideal level.
Prices of gas in Europe are falling as the warm weather reduces demand
The Dutch and British wholesale prices of gas eased Tuesday morning. They traded in a narrow band as the warm weather reduced heating demand. The benchmark Dutch front month contract fell 0.23 euros to 31.62 euro per megawatt-hour (MWh), which is $11.50/mmBtu by 0826 GMT. Meanwhile, the June contract dropped 0.66 euros to 31.74 euro/MWh according to LSEG. The British day-ahead contract is down 1.20 pence to 76.00p/therm. The temperatures in north-west Europe will be above average until the next week, before they drop from May 5-9. LSEG data shows that the demand for heating will decline by 217 gigawatt-hours per day (GWh/d), on the day before, to 1001 GWh.
Russia will supply Iran with 1.8 billion cubic meters of gas in 2025 at a price to be agreed
The two countries announced on Friday that Russia could supply Iran with 1.8 billion cubic meters (bcm), of natural gas, this year. A price has not yet been agreed. On a trip to Moscow, Iranian Oil Minister Mohsen Pknejad said that the deal was not finalized but both countries were working hard to close it as quickly as possible. In a January meeting with Masoud Pezeshkian, the Iranian counterpart, Russian President Vladimir Putin said that Russia could eventually provide up to 55 billion cubic meters (bcms) of gas to Iran per year, starting at lower volumes up to 2 bcms.
Qatari Emir meets Putin in Moscow
The Russian state-run news agency TASS reports that Qatar's Emir, Sheikh Tamim bin Hamad Al-Thani, arrived in Moscow Thursday for a trip which will include discussions with President Vladimir Putin about Ukraine and Middle East-related issues. Qatar has tried to mediate the conflict between Russia and Ukraine and helped arrange for the return of separated children from both countries. This week, Russia and Qatar announced that their leaders would be discussing efforts to reach a peace agreement to end the conflict in Ukraine. Donald Trump, the U.S. president, has said repeatedly that he wants to stop the "bloodbath" but has not yet achieved a breakthrough.
Energy assets affected due to sanctions and standoff between Russia and the West
On Tuesday, the United States and Russia reached separate agreements to stop attacks on energy and maritime targets. Washington also agreed to press for the lifting of some sanctions against Moscow. In the event that a peace agreement is reached between Russia and Ukraine, the potential for a relaxation of U.S. sanctions and EU sanctions has led to the question of what will happen to the disputed assets which were affected by international sanctions. This includes both Russian assets located in Europe as well as assets owned by foreign companies in Russia. The main source of revenue for Moscow is oil and gas exports.
Putin claims that rivalries in the Arctic are growing, but there is still room for cooperation
Vladimir Putin, the Russian president, said that although geopolitical rivalries in the Arctic are intensifying, cooperation is possible in the region, including between Moscow, and western states. Putin made a reference to the stated intention of U.S. president Donald Trump to acquire Greenland. He said that this had nothing whatsoever to do with Russia, but it was obvious that the U.S. will continue to advance its interests in Arctic. He said that the U.S. plans for Greenland are serious and have a long history. He said that Russia was worried about the fact that "NATO nations in general" are increasingly using the Far North to launch possible conflicts.
