Novak, quoted by the media as saying that Russia is considering redirecting LNG from Europe to Asia-Pacific
Interfax and Izvestia reported that Russia's Deputy Premier Alexander Novak stated on Friday he had discussed the?possibility? of redirecting Russian LNG supplies from Europe to alternative markets. This week, Russian President Vladimir Putin said that Russia can halt gas supply to Europe immediately due to the spike in energy costs triggered by the Iran Crisis. He was preempting EU plans for stopping 'Russian LNG imports until end-2026 and pipeline gas before September 30, 2027. Novak stated that Russian companies are looking at opportunities to divert shipments towards Asia-Pacific markets.
As the US-Iran war spreads, more tankers are attacked.
As the U.S. - Iran war escalated on Thursday, Iranian drones invaded Azerbaijan and threatened to spread the crisis?to other oil producers in this region. Initial assessments indicate that a?Bahamas flagged crude oil tanker anchored near Iraq’s Khor al Zubair Port was attacked by an Iranian remote-controlled boat loaded with explosives. After a large explosion, a second tanker anchored off Kuwait began to take on water and was spilling oil. Since the conflict between the U.S. and Israel broke out on Saturday, nine vessels have been attacked. Iran fired a barrage of missiles on Israel in the early hours of Thursday morning and sent drones to Azerbaijan.
Novak, the Russian Minister of Energy, says that his government will discuss gas exports to Europe soon.
Minister Alexander 'Novak, the Deputy Prime Minister of Russia, said on Thursday that the Russian government would meet "soon" to discuss ending gas exports to Europe. Vladimir Putin stated on Wednesday that Russia can stop gas supplies immediately due to the spike in energy costs caused by the Iran Crisis. He said that the European Union was attempting to ban the purchase of Russian gas, liquefied gas, and other products. Novak, Putin's energy point person, said to reporters that they would be meeting soon with energy companies in order to discuss the current situation and possible routes for transporting our energy.
The price of gas in Europe is rising as Putin suggests a reduction in supply
LONDON, 5th March - Benchmark Dutch & British wholesale gas prices recovered on Thursday morning following a decline in the previous session. President Vladimir Putin had warned that Russia could stop its'remaining' gas flows into Europe. This added to fears about supply, especially after Qatar announced a force majeure on LNG shipments. The Dutch front-month contract at the TTF hub – the benchmark price for?Europe – rose by 2% at 0928 GMT to 49.0 Euros per Megawatt Hour, after rising by 8.3% earlier in the day at 52.80 Euros/MWh. ICE data shows that the British April contract, up 7.2% in earlier trading, is now 2.1% higher, at 129.5 pence/therm.
Putin condemns the killing of Iran’s Khamenei, but has offered little more than condolences.
The Russian president Vladimir Putin condemned Sunday the murder of Iranian Supreme leader Ayatollah Ali Khamenei, calling it a "cynical", but offered Moscow's ally little else in public than condolences. Khamenei's fall is the 'third Russian ally that has been toppled? in the last 15 months. This follows the fall of?Moscow backed?leaders?in Venezuela and Syria. The Kremlin is now facing a major strategic setback after Khamenei's death. Russia claims that the U.S., Israel and other countries have plunged the Middle East into an abyss.
NYT: Trump's ally Novatek signs deal with Russia on natural gas in Alaska
The New York Times reported that American financier 'Gentry Beach', who is a close friend of Donald Trump's family, had signed an agreement last fall with Russia's Novatek to develop natural gas for Alaska during the Western sanctions against Russia. Trump and Russian President Vladimir Putin held talks in Alaska in August to end Russia's war against Ukraine. On the sidelines of negotiations, U.S. officials and Russian officials discussed a number of?potential deals in energy. According to sources familiar with the discussions, the business…
Rosneft Oil Refinery Warns of US Sanctions
Management at a Russian-owned oil refinery in Germany have privately warned Berlin that U.S. sanctions are hurting its business and threatening fuel supply for the country's capital and the region, according to correspondence seen by Reuters.In a January letter, management of the PCK Schwedt refinery, controlled by Rosneft, made an "urgent appeal" to economy and energy minister Katherina Reiche to resolve a standoff with the United States over the refinery's future.The letter outlines escalating problems at the refinery, which fuels nine out of 10 cars in Berlin…
Energy Commissioner: EU's Russian import ban is legal and will stop 'blackmail,'
Dan Jorgensen, the EU's Energy Commissioner, told reporters on Monday in Lisbon that the decision to ban Russian imports was "100% legal", adding that it would prevent Russia weaponizing energy. Last week, European Union countries approved a law that will ban Russian gas imports until late 2027. This is a concrete step towards a political commitment to sever?energy relations with Moscow four years after Russia’s?full scale invasion of Ukraine. EU ministers approved this measure despite Hungary and Slovakia's opposition. Bulgaria abstained, and Hungary plans to contest it before the EU court. Jorgensen stated that Hungary is free to challenge this?law at court.
Oil Prices Stabilize as Russia-Ukraine Peace Hopes Fade, Yemen Tensions Rise
Oil prices were steady in choppy trade on Tuesday as investors weighed dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.Brent crude futures for February delivery, which expire on Tuesday, were up 3 cents, or 0.05%, at $61.97 a barrel at 1:18 p.m. EDT. The more active March contract was down 12 cents or 0.2% at $61.37.U.S. West Texas Intermediate crude fell 6 cents, or 0.1%, to $58.02.The Brent and WTI benchmarks settled more than 2% higher in the previous session as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting a Russian presidential residence…
Oil Prices Fall on Looming Supply Glut
Oil prices fell by more than $1 a barrel on Friday as investors weighed a looming global supply glut, while also keeping an eye on a potential Ukraine peace deal ahead of talks this weekend between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump.Brent crude futures fell $1.13 or 1.82% to $61.11 per barrel by 1:14 p.m. EDT. U.S. West Texas Intermediate (WTI) crude fell $1.13 or 1.94% to $57.22.While supply disruptions have helped oil prices rebound in recent sessions from their near five-year low on December 16, they are on track for their steepest annual decline since 2020.
Oil Prices Rise as US Continues Tanker Interceptions Offshore Venezuela
Oil prices settled higher on Monday after the U.S. Coast Guard tried to intercept an oil tanker in international waters near Venezuela a day earlier, and Ukraine damaged two vessels and piers in Russia, raising the risk of oil supply disruptions.Brent crude futures gained $1.60, or 2.7%, to settle at $62.07 a barrel, while U.S. West Texas Intermediate crude futures rose $1.49, or 2.6%, to settle at $58.01 a barrel.The U.S. Coast Guard tried to intercept an oil tanker on Sunday that U.S. officials said is part of Venezuela's illegal sanctions evasion, the third such operation this month. The pursuit followed U.S.
Putin warns about the risks to top oil producers in EU
Vladimir Putin, the Russian president, warned that international reserves held by the top oil producers of Europe could be at risk after discussions between EU leaders regarding using Russian assets to fund Ukraine. Putin's remarks targeted?some countries that hold the largest reserves in the world, including?Saudi Arabia, the United Arab Emirates and?other OPEC nations. The EU decided to use cash on Friday, to "lend" 90 billion euros ($105billion) to Ukraine to help finance Ukraine's defense against Russia over the next two-year period. Putin stated that seizure of Russian assets, which was he called a "robbery", would have grave consequences for EU members states.
Turkstream transactions are not subject to US sanctions, Hungary claims
Peter Szijjarto, Hungary's Minister of Foreign Affairs, said that the company operating TurkStream will be able to do business in Hungary?without problems? thanks to an agreement reached with Washington. Hungary continues to depend on Russian energy, despite the conflict in Ukraine and Western sanctions. This has prompted criticism from several European Union and NATO allies. Szijjarto, during a Facebook broadcast in Moscow, said that the TurkStream Pipeline will continue to run 'without interruption in the next?period regardless of any legal or?financial attack.
Sources say that India's ONGC is moving closer to retaining 20% of the Sakhalin-1 project in Russia.
Three sources familiar with this matter have confirmed that India's Oil and Natural Gas Corp. will pay into Russia’s Sakhalin-1 abandonment fund using the frozen dividends of Indian companies to retain a 20% stake in the Sakhalin-1 project. ONGC Videsh Ltd., the overseas investment arm for India's largest explorer ONGC and other state-run Indian firms, have been unable to repatriate around $800 million of dividends on stakes in Russian assets, according to industry sources. Sources said that ahead of the visit by Russian President Vladimir Putin to New Delhi…
Prices remain stable as the supply is strong and peace talks in Ukraine fail.
The Dutch and British wholesale prices of gas were stable on Wednesday morning. They were close to a 19-month low as the peace talks between Russia, the U.S. and Ukraine on ending the conflict in Ukraine failed to find a solution and gas supplies remained strong. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.16 euros at 27,85 euros per megawatt (MWh) at $9.50/mmBtu at 0924 GMT. The contract reached an intraday low on Tuesday of 27,53 euros/MWh, a rate not seen since the middle of April 2024. The British day-ahead contracts was down by 0.05 pence to 72.30p/therm.
Sources claim that Fedun, the co-founder of Lukoil, has sold his stake to the company.
Three sources and data show that Leonid Fedun sold his $7 billion stake in Lukoil. This marked the end of a 30-year journey which made Lukoil an international force, but saw it recently shrinking rapidly under sanctions. Lukoil, which had avoided Western sanctions for months over Russia's invasion in Ukraine, was severely hit by Western sanctions and now is selling its foreign assets. Analysts have long suggested that the company could be a target for Rosneft - a state-controlled competitor, which is now also subject to Western sanctions. Fedun, a Ukrainian born in Monaco, sold his 10% stake to Lukoil at the beginning of 2025.
Lukoil to Sell International Assets
Russia's Lukoil is selling its international assets after the U.S. imposed sanctions on the company.Washington refused to approve the sale of assets to Swiss commodity trader Gunvor, throwing Lukoil's operations in disarray and leading to a scramble of potential buyers.The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13. They will need separate approval for specific deals. U.S. oil major Chevron is studying options to buy some global assets of Lukoil, sources have said. U.S. private equity firm Carlyle is also exploring options.Below are details about Lukoil's international assets:ESTIMATED VALUELukoil's international assets…
Russia's Lukoil talks to potential foreign buyers about its assets
Lukoil, Russia's second largest oil producer, said it was in talks on Friday with potential buyers for its foreign assets after sanctions were imposed by the UK and US last month and a deal made with Gunvor Trading House collapsed. The specific deal would be announced once the final agreements had been reached and all regulatory approvals obtained. The company wants to maintain the operation of assets even after they are sold and transferred to new owners. It will also save jobs and avoid disruptions to energy supply and work in the countries where it is present. Last month, the Office of Foreign Assets Control of the U.S. Treasury announced a new program.
GERB leader: Bulgaria could receive a six-month delay in US sanctions
Local media reported that Boyko Borissov of the GERB, the leader of the coalition's leading party, could have secured a six-month delay of U.S. sanction against Lukoil oil refinery. Last month, the U.S. Treasury Office of Foreign Assets Control imposed sanctions against Lukoil, and Rosneft, Russia's largest oil companies. This increased pressure on Russian president Vladimir Putin to stop Moscow's war with Ukraine, and threatened their sprawling operations throughout Europe. The U.S. sanction, which is due to take effect on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter.
Ukraine's fight for money and reform is necessary to survive the 'forever-war'
Since mid-2024, residents of Pokrovsk and Ukrainian officials have stripped the town of everything valuable: library books, beds for hospitals, industrial equipment - everything that once supported the bustling settlement with more than 60,000 inhabitants in the eastern Donbas region of Ukraine, which is mainly Russian speaking. Pro-Kremlin feeds on social media showed that several hundred Kremlin troops were entering the town this week. Many of them appeared to be riding motorcycles or in battered trucks. The likely fall of Bakhmut, the first major Ukrainian town since 2023, comes at a difficult time for President Volodymyr Zelenskiy's administration.