Ukraine-Russia Crisis

Global natural gas demand is likely to decline this year due to high prices and market disruptions caused by Russia’s invasion of Ukraine, according to the International Energy Agency (IEA).  The IEA revised this year’s forecast for natural gas consumption growth in its latest quarterly report to slightly below zero from its previous estimate in…

Russia’s demand that European Union (EU) members pay for natural gas imports in rubles has had no immediate effect on prices, but it has the potential to roil the market in the coming weeks. Since Russian President Vladimir Putin signed a decree on March 31 requiring buyers from “unfriendly” countries to pay in rubles, European…

U.S. oil and natural gas producers don’t set global commodity prices, nor are they attempting to gouge consumers, executives of the leading domestic explorers told Congress last Wednesday. Top executives of BP America Inc., Chevron Corp., Devon Energy Corp., ExxonMobil, Pioneer Natural Resources Co. and Shell USA Inc. discussed the reasons for sustained high prices…

The Gas Transmission System Operator of Ukraine (GTSOU) warned Friday that Russian-backed forces were interfering with operations at a key compressor station in the eastern part of the country that jeopardized flows to Europe.  GTSOU said the forces were meddling in operational and technological processes that endangered the integrity of the Novopskov facility in the…

The UK government on Thursday unveiled an energy security strategy to cut its reliance on fossil fuel imports that would revive offshore oil and natural gas production in the North Sea. The nation, like others in Europe, is looking to break free of Russian oil and natural gas imports. Its strategy envisions more domestically produced…

The United Kingdom’s government has commissioned a study of unconventional natural gas extraction, again opening a door to shale development in the country more than two years after it was shut by regulators.  Business and Energy Secretary Kwasi Kwarteng has asked the British Geological Survey for a report by the end of June.  The request…

The European Union (EU) said Tuesday it would ban Russian coal imports worth 4 billion euros ($4.4 billion) annually as part of a fifth round of sanctions against the country. “This will cut another important revenue source for Russia,” said European Commission (EC) President Ursula von der Leyen.

European natural gas prices were muted Monday despite the threat of additional sanctions on Russian energy exports to the continent and the possibility of further supply disruptions if buyers there don’t pay in rubles as the country has demanded. Alleged atrocities by the Russian military near Kyiv prompted a new round of calls for more…

Gazprom PJSC said Friday it has sent notifications to certain customers requiring payments for natural gas be made in rubles. The state-owned company, Russia’s largest natural gas producer, said on the messaging service Telegram that it was complying with a decree from President Vladimir Putin requiring “unfriendly countries” in Europe to pay in rubles after…