How the California and U.S. economies may suffer from Russia’s attack on Ukraine
2 years, 10 months ago

How the California and U.S. economies may suffer from Russia’s attack on Ukraine

LA Times  

Gas prices in California are well above those in the rest of the U.S. and could keep rising as the conflict in Eastern Europe unfolds. Russia and Ukraine are major producers of a range of commodities — oil, natural gas, grains, metals — whose prices rise during big global events such as war. Sanctions on Russia by the U.S. and allies, mainly those on Russian oil exports, could squeeze markets even more and drive oil prices higher. Europe is a much bigger consumer of Russian oil than the U.S., but sanctions on Russia’s output would ripple through the global market, said Dean Foreman, chief economist at the American Petroleum Institute. But the war in Ukraine and global sanctions on Russia could affect prices for those goods by shifting available supplies; for example, exports of U.S. liquid natural gas — used to make some plastic products — to Europe have increased significantly to offset the loss of Russian natural gas, the spokesperson wrote in an email.

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History of this topic

Oil settles down on strong US supply, losses capped by Ukraine escalation
1 month ago

Oil settles down on strong US supply, losses capped by Ukraine escalation

Live Mint  

By Georgina McCartney HOUSTON -Oil prices settled lower on Wednesday after U.S. crude and gasoline stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine. Weak demand in the world's largest crude importer continued, with Chinese stimulus announcements failing to boost oil demand growth in …

Oil rises after investors weigh escalation of Russia-Ukraine war amid rise in US crude stock; Brent at $73
1 month ago

Oil rises after investors weigh escalation of Russia-Ukraine war amid rise in US crude stock; Brent at $73

Live Mint  

International crude oil prices were steady on Wednesday, November 20, as the escalating war between major oil producer Russia and Ukraine offset a rise in US crude and gasoline stocks. Back home, crude oil futures last traded 0.56 per cent lower at ₹5,825 per barrel on the multi commodity exchange. This has put geopolitical risk back in the market However, …

As Russia steps up attacks on Ukraine, crude oil prices start rising
1 month ago

As Russia steps up attacks on Ukraine, crude oil prices start rising

Firstpost  

Oil prices have risen amid escalating Russia-Ukraine tensions, which had been tempered by concerns over weak demand in China and a projected global oil surplus Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed …

Russia wants to become the second-largest oil producer in the world
1 month, 1 week ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

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 …

Fourth of July gas prices in California and nationwide reach lowest levels in three years
5 months, 2 weeks ago

Fourth of July gas prices in California and nationwide reach lowest levels in three years

LA Times  

A car drives past Marathon Oil’s Los Angeles Refinery complex in Carson in May. As millions of Americans prepare to hit the road for the Fourth of July weekend, they will be happy to know that gas prices nationwide and in California are the lowest they have been in three years. Despite the recent decline, Fourth of July gas prices …

OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge
8 months ago

OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge

Live Mint  

Brent crude futures have surged 13.4% this year so far to $87.26 per barrel, propelled by escalating tensions in the Middle East, OPEC supply cuts, attacks on energy infrastructure between Ukraine and Russia, and increased oil demand from major consuming nations, all of which have tightened the market. Iran is the third largest producer in the Organization of the Petroleum …

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl
9 months, 1 week ago

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl

Live Mint  

Oil prices declined on Friday, March 16, a day after topping the $85 per barrel-mark for the first time since November, but prices settled almost three per cent higher for the week on higher demand from US refiners and the oil demand projections for 2024 by the International Energy Agency. Coming to domestic prices, crude oil futures last settled 0.15 …

Putin’s petrodollars dry up as Arab-Russian cartel loses its grip
11 months ago

Putin’s petrodollars dry up as Arab-Russian cartel loses its grip

The Telegraph  

With Russian forces stuck in a stalemate on the frontlines in Ukraine, Vladimir Putin is facing a drain on the Kremlin coffers that threaten to sink his war machine. A combination of falling prices and Western sanctions are driving Putin’s revenues steadily down even though he is pumping more oil, the report says. “Russian oil exports rose by 500,000 barrels …

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers
1 year ago

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers

Associated Press  

WASHINGTON — The U.S. imposed new sanctions on alleged violators of a $60 per barrel price cap on Russian oil and tightened compliance rules for insurance firms and shippers, Wednesday. Also sanctioned were Hong Kong-based Covart Energy, which has increased its share of the trade of Russian oil since the price cap policy was implemented, and Hong Kong-based Bellatrix Energy. …

Sanctions on Russian oil have failed. Were they ever meant to succeed?
1 year ago

Sanctions on Russian oil have failed. Were they ever meant to succeed?

Al Jazeera  

Last December, the European Union banned imports of Russian crude oil in a bid to starve the Russian war machine into submission over its invasion of Ukraine. Sanction-proof tankers Anticipating this, the EU, along with the G7, last year placed a $60-per-barrel price cap on Russian oil sold to third parties. “It’s basically a sanction-proof tanker.” Western protection-and-indemnity-insured tankers dropped …

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. …

The US government sanctions two shipping companies for violating the Russian oil price cap
1 year, 2 months ago

The US government sanctions two shipping companies for violating the Russian oil price cap

Associated Press  

WASHINGTON — The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. As a result of the sanctions, the Biden administration is blocking the companies’ ability to conduct business or access any property or financial interests in the U.S. A senior treasury …

Gas prices continue to drop across the U.S., but Californians still have to pay more
1 year, 2 months ago

Gas prices continue to drop across the U.S., but Californians still have to pay more

LA Times  

Gas prices continue to drop across the United States this week, while prices at the pump in California remain about the same. “Drivers are finally seeing some relief at the pump as the seasonal swoon picks up momentum,” AAA spokesman Andrew Gross said in a news release. “At least one state has locations selling gas below $3 a gallon, and …

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands
1 year, 2 months ago

Opinion: Putin is using high oil prices to test support for Ukraine. Congress’ dysfunction plays right into his hands

LA Times  

Wars are won and lost on battlefields. The price cap on Russian oil, pioneered by Treasury Secretary Janet Yellen and introduced by a G-7-led coalition in late 2022, was designed to reduce those revenues while keeping Russian oil on the market to hold world prices in check. The maritime tollbooth could then charge all Russian oil shipments the difference between …

Global oil prices could hit $100 a barrel: How it will impact the world
1 year, 2 months ago

Global oil prices could hit $100 a barrel: How it will impact the world

Firstpost  

The increasing oil prices complicates the global fight against inflation and feeds Russia’s war chest. That poses problems for politicians as well as the people having to spend more to get to work, transport the world’s goods or harvest fields The year 2023 is seeing a major increase in crude oil prices, with Brent Crude rising by nearly 19 per …

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut
1 year, 3 months ago

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut

News 18  

Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi Arabia and Russia had “demonstrated …

Oil Price Rises as Failed Wagner Mutiny in Russia Concerns Market
1 year, 5 months ago

Oil Price Rises as Failed Wagner Mutiny in Russia Concerns Market

News 18  

Oil prices rose in early Asian trade on Monday after a failed mutiny by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world’s largest producers. RBC Capital Markets analyst Helima Croft said there were concerns that Putin would declare martial law, preventing workers from showing …

Oil and natural gas prices rise after weekend of turmoil in Russia
1 year, 5 months ago

Oil and natural gas prices rise after weekend of turmoil in Russia

CNN  

Hong Kong/London CNN — Oil and natural gas prices climbed Monday, while wheat prices briefly spiked higher, as investors reacted to the weekend’s brief and chaotic insurrection in Russia. “Given that the short-lived event this weekend in Russia appears to have ended, we do not expect to see such a significant increase in oil prices,” analysts at Rystad Energy wrote …

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 …

Russia 'using refrigerator, washing machine parts in missiles' due to sanctions impact
1 year, 6 months ago

Russia 'using refrigerator, washing machine parts in missiles' due to sanctions impact

India Today  

Amid the adverse impact of sanctions imposed by Western countries on Russia in the past 15 months, the country is reportedly equipping its soldiers with weaponry containing components salvaged from household appliances. They're repurposing things like computers that used to go into washing machines and now are going into missiles," Dr Haar said, while speaking to Express.co.uk. Dr Haar's remarks …

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 …

India and China Snapping up Majority of Russian Oil Above Western Price Cap
1 year, 8 months ago

India and China Snapping up Majority of Russian Oil Above Western Price Cap

The Hindu  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

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 …

Explained | Why is Japan circumventing sanctions on Russian oil?
1 year, 8 months ago

Explained | Why is Japan circumventing sanctions on Russian oil?

The Hindu  

The story so far: Japan has been purchasing oil from Russia at a price above the $60 per barrel price cap imposed by the West, according to reports this week. However, Japan’s decision to purchase oil above the price cap once again brings to the fore the strong incentives facing countries to subvert the West’s $60 per barrel price cap. …

Oil producers’ cuts could boost gasoline prices, help Russia
1 year, 8 months ago

Oil producers’ cuts could boost gasoline prices, help Russia

Associated Press  

FRANKFURT, Germany — Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for …

Oil producers' cuts could boost gasoline prices, help Russia
1 year, 8 months ago

Oil producers' cuts could boost gasoline prices, help Russia

Firstpost  

Russia is joining in by extending its own cuts for the rest of the year. In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the US and Europe Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. In theory, less oil flowing to …

US says Russia not benefiting from +$60/bbl oil to India
1 year, 9 months ago

US says Russia not benefiting from +$60/bbl oil to India

Live Mint  

Russia is not reaping the benefits of higher costs of some recent cargoes of crude oil bought by refiners in India priced above the price cap set by countries in the West and Australia, a U.S. official said on Thursday. Some Dubai-based traders, and Russian energy companies Gazprom and Rosneft are seeking non-dollar payments for certain niche grades of Russian …

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 …

Russian oil becomes more pricey with pool of Asian buyers expands
1 year, 9 months ago

Russian oil becomes more pricey with pool of Asian buyers expands

Live Mint  

The price of Russian crude and fuel is rising for buyers in Asia as a pool of bigger customers from China and India expands, putting pressure on smaller refiners that have eagerly consumed the cheap oil. The larger refiners have muscled in to a patch typically dominated by China’s smaller independent processors, known as teapots, which have been consistent consumers …

‘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 …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 10 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen
1 year, 10 months ago

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen

Live Mint  

War, debt and economics are set to dominate G20 leaders’ discussions over the next two days. US Treasury Secretary Janet Yellen on Thursday flagged the need for tackling challenges like the spill over effects of macroeconomic tightening in major economies to the rest of the world and the debt distress in vulnerable countries like Zambia and Sri Lanka, ahead of …

Russia's war on Ukraine 'could push millions into extreme poverty'
1 year, 10 months ago

Russia's war on Ukraine 'could push millions into extreme poverty'

Daily Mail  

Experts already said energy prices are 'unlikely to return to normal' until 2030s Soaring energy prices triggered by Russia's war on Ukraine could push up to 141 million people worldwide into extreme poverty, a new study reveals. Average household energy cost for households globally has increased between 62.6 per cent and 112.9 per cent since conflict began on February 24 …

War in Ukraine at 1 year: Pain, resilience in global economy
1 year, 10 months ago

War in Ukraine at 1 year: Pain, resilience in global economy

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 Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Meat and eggs have become …

Moscow’s decades-old gas ties with Europe lie in ruins
1 year, 10 months ago

Moscow’s decades-old gas ties with Europe lie in ruins

Live Mint  

Meticulously crafted over decades as a major revenue stream for the Kremlin, Moscow's gas trade with Europe is unlikely to recover from the ravages of military conflict. After President Vladimir Putin's "special military operation" in Ukraine began almost a year ago, a combination of Western sanctions and Russia's decision to cut supplies to Europe drastically reduced the country's energy exports. …

Russia announces cut to oil output over Western price caps
1 year, 10 months ago

Russia announces cut to oil output over Western price caps

Associated Press  

MOSCOW — Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the …

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 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 …

Russia bans oil exports for countries using price cap: Why Moscow made move, who will be affected?
1 year, 11 months ago

Russia bans oil exports for countries using price cap: Why Moscow made move, who will be affected?

Firstpost  

While the G7, EU, and Australia will be affected by Russia’s ban if they adhere to the $60 per barrel price cap, experts say the move may benefit India and China – giving them further leverage to lower the price they pay for Moscow’s oil Russia has announced that countries and companies complying with the price cap on oil set …

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 bans oil sales to nations, firms complying with price cap
1 year, 11 months ago

Russia bans oil sales to nations, firms complying with price cap

Al Jazeera  

Moscow’s response to the Western price cap is to stop supplying crude oil and oil products from February 1. Russian President Vladimir Putin has issued a decree that bans oil sales to countries and companies that comply with a price cap agreed to by Western countries in response to Moscow’s invasion of Ukraine. The Group of Seven leading industrialised nations, …

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 …

Drivers are stuck in limbo as world’s oil supply reshuffles
2 years ago

Drivers are stuck in limbo as world’s oil supply reshuffles

Associated Press  

NEW YORK — At a gas station outside New York City, retired probation officer Karen Stowe was faced with a pump price she didn’t want to pay. Drivers now hope the situation doesn’t get worse after a series of cutbacks tied to Russia’s war in Ukraine, accidents and the slowing global economy have strained the world’s oil supply. “But it …

Drivers stuck in limbo as world's oil supply reshuffles
2 years ago

Drivers stuck in limbo as world's oil supply reshuffles

Firstpost  

Drivers hope the situation doesn’t get worse after a series of cutbacks tied to Russia’s war in Ukraine, accidents and the slowing global economy have strained the world’s oil supply New York: At a gas station outside New York City, retired probation officer Karen Stowe was faced with a pump price she didn’t want to pay. Drivers now hope the …

Putin says Russia will fight sanctions with shift in trade and energy flows
2 years ago

Putin says Russia will fight sanctions with shift in trade and energy flows

The Hindu  

President Vladimir Putin said on Thursday that Russia would expand trade cooperation with new partners, including by switching gas flows to eastern neighbours, in order to combat Western sanctions. Mr. Putin said in a televised speech that Russia would develop its economic relations with partners in Asia, Africa and Latin America to thwart Western efforts to isolate it economically. Mr. …

Investors see shift in Europe’s fortunes
2 years ago

Investors see shift in Europe’s fortunes

Live Mint  

Investors are turning somewhat more positive on Europe, spurring a recovery in the region’s beaten-down stocks. Meanwhile, benchmark U.S. yields and the dollar have declined in recent weeks, helping lift riskier assets worldwide, as investors anticipate a slowdown in the Federal Reserve’s campaign to raise interest rates. Natural-gas prices have stabilized as Europe’s gas storage has risen above 95% due …

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