G7 leaders discuss price cap on Russian oil over Ukraine invasion | Russia-Ukraine war News

G7 leaders discuss price cap on Russian oil over Ukraine invasion | Russia-Ukraine war News

G7 leaders meeting in Germany discuss plans to reduce Russian revenues from oil exports amid a surge in energy prices. Leaders of Group of Seven (G7) nations have discussed plans to cap the price of Russian oil in order to put the squeeze on Moscow, which is benefiting from soaring energy prices, and cut off … Read more

Germany triggers ‘alert level’ of emergency gas plan, sees high risk of long-term supply shortages

Germany triggers 'alert level' of emergency gas plan, sees high risk of long-term supply shortages

Habeck has previously warned the situation is going to be “really tight in winter” without precautionary measures to prevent a gas supply shortage. Picture Alliance | Picture Alliance | Getty Images Germany has declared it is moving to the so-called “alert level” of its emergency gas plan, as reduced Russian flows exacerbate fears of a … Read more

Europe turns to coal as Russia squeezes gas supplies

Europe turns to coal as Russia squeezes gas supplies

German Economy Minister Robert Habeck has warned that the situation is going to be “really tight in winter” without precautionary measures to prevent a supply shortage. Ina Fassbender | Afp | Getty Images Reduced flows of Russian gas and the specter of a full supply disruption have prompted some European governments to reconsider coal, one … Read more

Iran, Venezuela sign 20-year cooperation plan during Maduro visit | Oil and Gas News

Iran, Venezuela sign 20-year cooperation plan during Maduro visit | Oil and Gas News

Tehran, Iran – Iran and Venezuela have signed a 20-year “cooperation road map” during a state visit by President Nicolas Maduro to Tehran as the two oil-rich countries reeling under United States sanctions pledged to boost bilateral ties. The Venezuelan president met his Iranian counterpart Ebrahim Raisi on Saturday at the Saadabad Palace in Tehran … Read more

Hungary says EU can’t impose a gas ban on Russia

Hungary says EU can't impose a gas ban on Russia

Hungarian Foreign Minister Peter Szijjarto has ruled out the prospect of a Russian gas ban in the European Union’s next package of sanctions, saying it would be “impossible.” Landlocked Hungary is overwhelmingly dependent on Russian hydrocarbons. Szijjarto’s comments come as President Vladimir Putin says he believes the West will not be able to wean itself … Read more

Brits paying $8.60 a gallon for gasoline $125 to fill family car

Brits paying $8.60 a gallon for gasoline $125 to fill family car

The cost of filling an average family car in the U.K. has surpassed £100 for the first time ever. Picture Alliance | Getty Images Britons are now paying over £100 ($125) to fill up an average-sized family car after petrol prices soared past the psychological threshold for the first time ever Thursday. The price is … Read more

How Russia could try to get around the European Union’s oil sanctions

How Russia could try to get around the European Union's oil sanctions

The EU’s partial embargo covers Russian oil brought into the bloc by sea, with an exemption carved out for imports delivered by pipeline following opposition from Hungary. Attila Kisbenedek | Afp | Getty Images Moscow could respond to European sanctions on Russian oil by seeking other buyers for its crude or cutting production to keep … Read more

Hungary stalls new EU sanctions on Russia: Diplomats | Russia-Ukraine war News

Hungary stalls new EU sanctions on Russia: Diplomats | Russia-Ukraine war News

Hungary holds up finalisation of new EU sanctions against Russia over the inclusion of Orthodox Church Patriarch Kirill in the package, according to several diplomats. Hungary was holding up the finalisation of the European Union’s latest sanctions package against Russia, insisting on the removal of the head of the Russian Orthodox Church Patriarch Kirill from … Read more

These charts show Russia’s invasion of Ukraine has changed global oil

These charts show Russia's invasion of Ukraine has changed global oil

European Union leaders reached an agreement this week to ban the majority of Russian crude oil and petroleum product imports, but nations were already shunning the country’s oil, altering global flows for the commodity that powers the world. Russian oil exports had already been hurt by some EU members acting preemptively in anticipation of potential … Read more

Oil prices jump after EU leaders agree to ban most Russian crude imports

Oil prices jump after EU leaders agree to ban most Russian crude imports

EU leaders reached an agreement to ban 90% of Russian crude by the end of 2022. Joe Klamar | Afp | Getty Images Oil prices jumped after EU leaders reached an agreement late Monday to ban 90% of Russian crude by the end of the year. During Asia hours on Tuesday, U.S. crude futures were … Read more