Data | Energy inflation in Europe peaks at 40% as Russia squeezes oil supply
2 years, 2 months ago

Data | Energy inflation in Europe peaks at 40% as Russia squeezes oil supply

The Hindu  

In the seven months following Russia’s invasion of Ukraine, the tables have turned. In the months following the invasion, tougher sanctions against Russian oil and gas remained a contentious subject for countries in the European region. Subscribe here to get the Data Point newsletter delivered to your inbox Data shows that a combination of supply-squeeze from Russia and self-imposed import restrictions have led to a sudden surge in Europe’s energy prices. Despite such high dependence, following the Ukraine invasion, the oil supply from Russia to most of the European countries has taken a hit. A similar decreasing trend was observed in the U.K. Before the invasion, Russia formed 15-20% of U.K.’s total oil imports.

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History of this topic

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 2 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

Russia raises estimates for oil and gas export sales
3 months, 2 weeks ago

Russia raises estimates for oil and gas export sales

Live Mint  

Sept 6 - Russia's economy ministry revised up its forecasts for export sales of oil and gas, key sources of budget revenue, by $17.4 billion from a previous estimate to $239.7 billion this year thanks to a more positive price outlook, a document seen by Reuters showed. Following is a table of the ministry's key updated forecasts. Previous estimates made …

Inflation ticks up in Europe, complicating the European Central Bank's next move
4 months, 3 weeks ago

Inflation ticks up in Europe, complicating the European Central Bank's next move

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inflation in the 20 countries …

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
1 year, 2 months ago

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

Associated Press  

FRANKFURT, Germany — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest. …

Russia oil discount to India shrinks to $4, delivery charges remain opaque
1 year, 5 months ago

Russia oil discount to India shrinks to $4, delivery charges remain opaque

India TV News  

The steep discounts on Russian crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continue to remain 'opaque' and higher than normal, sources said. The discounts could have been higher if state controlled units, who account for roughly 60 per cent of the 2 million barrels per day of …

Europe inflation slips to 5.5% — but that won't stop central bank rate hikes
1 year, 5 months ago

Europe inflation slips to 5.5% — but that won't stop central bank rate hikes

The Hindu  

Inflation in Europe slid again in June but fell too slowly to offer much relief to shoppers grumbling over price tags or to stop more interest rate hikes that will raise the cost of borrowing across the economy. While that is a big drop from the peak of 10.6% in October, persistently high prices in the U.S., Europe and the …

Europe inflation slips to 5.5% — but that won’t stop central bank rate hikes
1 year, 5 months ago

Europe inflation slips to 5.5% — but that won’t stop central bank rate hikes

Associated Press  

FRANKFURT, Germany — Inflation in Europe slid again in June but fell too slowly to offer much relief to shoppers grumbling over price tags or to stop more interest rate hikes that will raise the cost of borrowing across the economy. While that is a big drop from the peak of 10.6% in October, persistently high prices in the U.S., …

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy
1 year, 6 months ago

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy

Associated Press  

WASHINGTON — A top Treasury Department official said Thursday that the cap on the price of Russia’s oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap …

Inflation in Europe drops to lowest level since Russia invaded Ukraine
1 year, 6 months ago

Inflation in Europe drops to lowest level since Russia invaded Ukraine

CNN  

London CNN — Inflation in Europe has fallen to its slowest pace since Russia invaded Ukraine, bolstering the case for the region’s central bank to bring interest rate hikes to an end soon. That’s the lowest rate of inflation since February 2022, when Moscow launched a full-scale invasion of its neighbor, sending global energy prices soaring. That could give the …

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia
1 year, 7 months ago

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia

ABC  

Russia launched an exceptionally intense air attack on Kyiv in the early hours of Tuesday, using drones, cruise and probably ballistic missiles, city officials said, as the Ukrainian capital suffered its eighth air raid this month. Key points: Russia fired six ballistic missiles from aircraft, nine cruise missiles from ships in the Black Sea and three missiles from land Ukraine …

Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezes
1 year, 7 months ago

Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezes

Associated Press  

FRANKFURT, Germany — The European Union’s executive body raised its economic growth forecast, saying Europe had dodged a winter recession that was feared amid an energy crisis but warning that stubbornly high inflation is likely to keep hurting the economy by sapping people’s ability to spend. The outlook for the 20 countries using the euro currency improved to growth of …

Russia’s shadowy energy trade is raising fears of a devastating oil spill
1 year, 8 months ago

Russia’s shadowy energy trade is raising fears of a devastating oil spill

CNN  

London CNN — The waters of the Bay of Lakonikos, on the south-eastern side of Greece’s Peloponnese peninsula, are a bright turquoise color. “Smaller vessels come in from Russian ports, they transfer the cargoes onto larger vessels, and then those larger vessels will head off to Asia.” A satellite image taken on March 20, 2023 shows two tankers conducting a …

Russia’s oil exports are back to pre-war levels
1 year, 8 months ago

Russia’s oil exports are back to pre-war levels

CNN  

London CNN — Russia’s oil exports have bounced back to levels last seen before it invaded Ukraine, despite a barrage of Western sanctions. Moscow’s exports of crude oil and oil products rose in March to their highest level since April 2020, jumping by 600,000 barrels a day, the International Energy Agency said in its monthly oil report Friday. The IEA …

Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added …

Fragmented and uncertain: How the oil market has changed a year after the Russia-Ukraine war
1 year, 9 months ago

Fragmented and uncertain: How the oil market has changed a year after the Russia-Ukraine war

Firstpost  

Houston: A year after Russia’s invasion of Ukraine, the oil market has become more fragmented and uncertain, a dynamic expected to boost crude prices over the long term. The oil market “is radically different in some ways than it was before the invasion of Ukraine,” said Jim Burkhard, head of research for oil markets, energy and mobility at S&P Global …

‘We don’t and won't': Russia's unequivocal message to West on oil price cap
1 year, 9 months ago

‘We don’t and won't': Russia's unequivocal message to West on oil price cap

Hindustan Times  

The Kremlin said on Tuesday that it did not recognise the price cap introduced by Western countries on its oil exports, after the United States said that the cap was "working well". Washington was one of the key architects of the Western price cap on Russian oil, which aims to drive down Moscow's revenues used to fund its invasion of …

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap
1 year, 10 months ago

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap

News 18  

Russia announced Friday it will slash crude oil output by five percent next month after Western countries imposed a price cap over the Ukraine conflict. International crude prices surged after Deputy Prime Minister Alexander Novak said that Russia would “voluntarily” reduce production by 500,000 barrels per day in March. There are two price cap levels, $100 per barrel for more …

Europe bans Russian diesel, other oil products over Ukraine
1 year, 10 months ago

Europe bans Russian diesel, other oil products over Ukraine

Associated Press  

FRANKFURT, Germany — Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would …

EU countries agree on new price cap for Russian oil
1 year, 10 months ago

EU countries agree on new price cap for Russian oil

NL Times  

EU member states have agreed to introduce a price cap on refined oil products from Russia. The G7 and the EU had already agreed in December on a price cap of $60 per barrel of crude oil from Russia. The insider in Brussels called it a "balanced, restrictive measure that keeps the price of oil and its derivatives low enough …

Germany sees brighter outlook for Europe’s largest economy
1 year, 10 months ago

Germany sees brighter outlook for Europe’s largest economy

Associated Press  

FRANKFURT, Germany — The German government on Wednesday said it expects to eke out economic growth this year instead of a decline as Europe’s largest economy manages its energy divorce from Russia and shells out support for consumers and businesses hit by higher energy costs. The improved outlook “didn’t fall from heaven — we accomplished it, this country accomplished it.” …

Vladimir Putin’s plans to freeze Europe melt away with warm weather, as his economy withstands bracing winds
1 year, 11 months ago

Vladimir Putin’s plans to freeze Europe melt away with warm weather, as his economy withstands bracing winds

ABC  

While Europe's record-breaking temperatures have been causing alarm among climate scientists, officials in the Kremlin may be equally dismayed. Europe's energy crisis Photo shows The words "No Money for Murderers, Stop the Oil and Gas Trade" are projected onto the wall of the Russian consulate in Germany. "What the oil price cap has done is place restrictions on Russia through …

Europe has staved off energy collapse despite Russia’s gas cutoff. But is the crisis over?
1 year, 11 months ago

Europe has staved off energy collapse despite Russia’s gas cutoff. But is the crisis over?

LA Times  

Europe has dodged an energy apocalypse this winter, economists and officials say, thanks to unusually warm weather and efforts to find other sources of natural gas after Russia cut off most of its supply to the continent. In Germany, Europe’s largest economy, the government passed gas and electricity price caps allowing small businesses and consumers to buy 80% of their …

Europe has avoided energy collapse. But is the crisis over?
1 year, 11 months ago

Europe has avoided energy collapse. But is the crisis over?

Associated Press  

FRANKFURT, Germany — Europe has dodged an energy apocalypse this winter, economists and officials say, thanks to unusually warm weather and efforts to find other sources of natural gas after Russia cut off most of its supply to the continent. In Germany, Europe’s largest economy, the government passed gas and electric price caps allowing small businesses and consumers to buy …

Europe has avoided energy collapse. But is the crisis over?
1 year, 11 months ago

Europe has avoided energy collapse. But is the crisis over?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In Germany, Europe's largest economy, the government passed gas …

G7 Seeks Two Price Caps for Russian Oil Products
1 year, 11 months ago

G7 Seeks Two Price Caps for Russian Oil Products

News 18  

The Group of Seven coalition will seek to set two price caps on Russian refined products in February, one for products trading at a premium to crude oil and the other for those trading at a discount, a G7 official said. From Feb. 5, the coalition will also impose price caps on Russian products, such as diesel, kerosene and fuel …

Europe needs clear-eyed view of US moves
1 year, 11 months ago

Europe needs clear-eyed view of US moves

China Daily  

A vehicle passes the building of the European Commission in Brussels, Belgium, Oct 18, 2022. The natural gas price in Europe once hit nearly €350 per megawatt-hour since the Russia-Ukraine conflict broke out. European energy ministers agreed on Dec 19 to impose a price cap if prices in the European Union's main trading centers remained above €180 per megawatt-hour for …

Vladimir Putin bans Russian oil exports to countries that imposed price cap over Ukraine war
1 year, 11 months ago

Vladimir Putin bans Russian oil exports to countries that imposed price cap over Ukraine war

ABC  

President Vladimir Putin has delivered Russia's long-awaited response to a Western price cap, signing off on a five-month ban on the supply of crude oil and oil products to nations that impose the cap. Key points: Russia has banned G7 countries from crude oil exports, beginning February 1 The move follows the G7 price cap, aimed at crippling Moscow's military …

Russia threatens to slash oil supplies in 2023, spooks markets
2 years ago

Russia threatens to slash oil supplies in 2023, spooks markets

Al Jazeera  

Moscow warns it may cut production by 5-7 percent in early 2023 as the energy war with the West deepens. Russia may cut oil output by 5-7 percent in early 2023 and halt sales to countries supporting a price cap on its crude and oil products, a senior official has said. “Crude prices are higher as energy traders focus on …

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next
2 years ago

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next

Firstpost  

Russia shifted its strategy to attrition, specifically targeting energy infrastructure, after failing to force a quick, decisive victory against Ukraine Not since the 1970s oil crisis has the West seen such a focus on energy security. Vladimir Putin’s regime had been using selective gas supply cuts as a pressure tool against Ukraine since at least the winter of 2005-06, when …

EU ministers fail again on gas price cap to contain costs
2 years ago

EU ministers fail again on gas price cap to contain costs

Associated Press  

BRUSSELS — European Union energy ministers failed yet again to overcome their deep differences Tuesday on a natural gas price cap that many hope would make utility bills cheaper so people can stay a little warmer during harsh winter days — if not this year, then later. One side is demanding a cap to push down gas prices for households …

Russian oil price cap, EU ban aim to limit Kremlin war chest
2 years ago

Russian oil price cap, EU ban aim to limit Kremlin war chest

Associated Press  

FRANKFURT, Germany — Major Western measures to limit Russia’s oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions. “And that depends not only …

Russian oil price cap, EU ban aim to limit Kremlin war chest
2 years ago

Russian oil price cap, EU ban aim to limit Kremlin war chest

Associated Press  

FRANKFURT, Germany — Major Western measures to limit Russia’s oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions. “And that depends not only …

Cap on Russian oil prices begins, in pressure campaign on Moscow over Ukraine
2 years ago

Cap on Russian oil prices begins, in pressure campaign on Moscow over Ukraine

LA Times  

Western countries have begun imposing a $60-per-barrel price cap and ban on some types of Russian oil. Western countries Monday began imposing a $60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure on Moscow over its war on Ukraine. Russian Deputy Prime Minister Alexander Novak, who is in charge …

Russian oil price cap: Five things you need to know
2 years ago

Russian oil price cap: Five things you need to know

Al Jazeera  

Al Jazeera answers five key questions to better understand the effect of the EU and G7’s move. “The bloc has been focusing on replacing Russian oil supply routes with routes from countries in the Middle East and elsewhere, so the EU won’t face a crude oil shortage.” Philipp Lausberg, an analyst focusing on energy policy at the European Policy Centre, …

Russian oil revenues could weather EU ban, G7 price cap
2 years ago

Russian oil revenues could weather EU ban, G7 price cap

The Hindu  

Russian oil output could fall by 500,000 to 1 million barrels per day early in 2023 after the European Union imposes a ban on seaborne imports from Monday, two sources at major Russian producers said. They are seeking to strike a difficult balance to limit Moscow's oil income while avoiding oil price shocks on international markets that surged around the …

G7's price cap on Russia oil 'to benefit low, medium-income nations': US
2 years ago

G7's price cap on Russia oil 'to benefit low, medium-income nations': US

Hindustan Times  

The United States on Friday welcomed the G7, European Union and Australia's US$60 price cap on Russian oil and said the move will 'particularly benefit low- and medium-income countries borne the brunt of elevated energy and food prices' caused by Russia's war on Ukraine. The US treasury secretary also said the cap will encourage flow of discounted Russian oil and …

G-7 joins EU on $60-per-barrel price cap on Russian oil
2 years ago

G-7 joins EU on $60-per-barrel price cap on Russian oil

The Hindu  

The Group of Seven nations and Australia joined the European Union on Friday in adopting a USD 60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. U.S. National Security Council spokesman John Kirby told …

Russia rejects $60 oil price cap, warns of response
2 years ago

Russia rejects $60 oil price cap, warns of response

Al Jazeera  

Ukraine’s Western allies approve oil price cap to starve Russia of revenues as Kyiv pushes for a lower cap as the war continues. Russia has rejected a $60 price cap on its oil set by Ukraine’s Western allies and warned of a response as President Volodymyr Zelenskyy said it was “quite comfortable” for Moscow amid a push from Kyiv for …

EU edges closer to $60-per-barrel Russian oil price cap
2 years ago

EU edges closer to $60-per-barrel Russian oil price cap

Firstpost  

The latest offer, confirmed by 3 EU diplomats, comes ahead of a deadline to set the price for discounted oil by Monday, when a European embargo on seaborne Russian crude and a ban on shipping insurance for those supplies take effect Brussels: The European Union was edging closer to setting a $60-per-barrel price cap on Russian oil — a highly …

EU edges closer to $60-per-barrel Russian oil price cap
2 years ago

EU edges closer to $60-per-barrel Russian oil price cap

Associated Press  

BRUSSELS — The European Union was edging closer to setting a $60-per-barrel price cap on Russian oil — a highly anticipated and complex political and economic maneuver designed to keep Russia’s supplies flowing into global markets while clamping down on President Vladimir Putin’s ability to fund his war in Ukraine. The $60 figure would mean a cap near the current …

EU to cap Russian oil at $60 a barrel
2 years ago

EU to cap Russian oil at $60 a barrel

The Telegraph  

The EU is planning to roll out a price cap on Russian oil of $60 a barrel in an effort to curb Putin’s energy revenues. EU countries and the G7 have been locked in discussions for months over a potential price cap, which is designed to target the Kremlin’s vast income from energy. The G7 last week proposed a cap …

Europe's import of Russian gas jumps 42% amid Russia-Ukraine war: Report
2 years ago

Europe's import of Russian gas jumps 42% amid Russia-Ukraine war: Report

Hindustan Times  

The European Union witnessed a 42 percent increase in the imports of Russian Liquefied Natural Gas between January-October, compared to the same period last year, Financial Times reported. The report said that EU has imported 62.1 billion cubic meters of natural gas this year compared to 17.8 billion cubic meters last year. This comes as Lithuanian Foreign Minister Gabrielius Landsbergis …

EU nations fail to close rift on gas prices as cold sets in
2 years, 1 month ago

EU nations fail to close rift on gas prices as cold sets in

Associated Press  

BRUSSELS — On winter’s doorstep, European Union nations again failed to bridge bitter disagreements over a natural gas price cap Thursday as they struggle to effectively shield 450 million citizens from massive increases in their utility bills. “The discussion was quite heated, and you all know that there are very divergent views,” said Czech Industry Minister Jozef Síkela, who chaired …

Oil prices fall more than 3% on Russian oil price cap talks
2 years, 1 month ago

Oil prices fall more than 3% on Russian oil price cap talks

The Hindu  

Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven nations looked at a price cap on Russian oil above where the crude grade is currently trading. Both contracts fell by as much as $3 per barrel after rising by more than $1 a barrel earlier in the session, "following reports that the G7 …

Inflation hits new record in Europe, slowing economy
2 years, 1 month ago

Inflation hits new record in Europe, slowing economy

The Hindu  

Inflation hit a new record in the 19 countries that use the euro currency, fueled by out-of-control prices for natural gas and electricity due to Russia's war in Ukraine. While liquid gas succeeded in filling Europe's storage for the winter, the higher prices have made some industrial products such as steel or fertilizer expensive or simply unprofitable to make. Natural …

Ukraine War Fallout: Is Energy Crisis Imminent in Europe? - News18
2 years, 2 months ago

Ukraine War Fallout: Is Energy Crisis Imminent in Europe? - News18

News 18  

The Russia-Ukraine conflict, euphemistically called a “special military operation” by Russia when it launched the offensive, more than seven months ago was not expected to last more than a few days or weeks. Despite alarm bells from a January 2009 crisis that led to the disruption of Russian gas transiting through Ukraine for two weeks, and Russia’s annexation of Crimea …

EU agrees on price cap for Russian oil over Ukraine war
2 years, 2 months ago

EU agrees on price cap for Russian oil over Ukraine war

Associated Press  

BRUSSELS — European Union countries agreed Wednesday to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine amid its monthslong war, EU officials said. The 27-nation bloc will impose a ban on transporting Russian oil by sea to other countries above the price cap, which the Group of Seven wealthy …

Inflation hits record 10% in 19 European Union countries
2 years, 2 months ago

Inflation hits record 10% in 19 European Union countries

The Hindu  

Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe's major economies as higher prices undermine consumers' spending power. The European Central Bank is raising interest rates to combat inflation by keeping higher prices from being baked into …

Inflation hits record 10% in 19 EU countries using euro
2 years, 2 months ago

Inflation hits record 10% in 19 EU countries using euro

Associated Press  

FRANKFURT, Germany — Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe’s major economies as higher prices undermine consumers’ spending power. The European Central Bank is raising interest rates to combat inflation by keeping higher prices from …

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