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MOSCOW, Russia (AFP) — Russia’s energy giant Gazprom said Wednesday it had stopped all gas supplies to Poland and highly dependent Bulgaria after not receiving payment in rubles from the two EU members. President Vladimir Putin last month said Russia will only accept payment for deliveries in its national currency, with buyers required to set up ruble accounts or have their taps turned off. Gazprom said in a statement it notified Bulgaria’s state-owned gas […]
(Eagle News) – Another oil price hike is set next week where gasoline and diesel prices are set to increase between P3 to P4 per liter. Some oil companies have already issued advisories about the price hike that is scheduled on Tuesday, April 26. Unioil said that their diesel process would increase by P3.90 to P4.10 per liter, while gasoline prices would go up by P3 to 3.20 per liter. This is the second […]
HONG KONG, China (AFP) — Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in China. Ongoing restrictions in the country, including in the economic hub of Shanghai where tens of millions are confined to their homes, have hit transport networks but traders are balancing the demand shock alongside threats to supply caused by the war in Ukraine with European Union countries mulling bans […]
Manila has suspended oil and gas exploration in the South China Sea, Philippine President Rodrigo Duterte’s spokesman said Wednesday, as it tries to strike a deal with Beijing on a joint energy project. Drilling off the Philippines was allowed to resume in October 2020 when Duterte — who has taken a softer approach than his predecessor to Beijing’s claims over most of the waterway — lifted a 2014 moratorium. It was hoped that Duterte’s […]
HONG KONG, China (AFP) — Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022. The IMF lowered its outlook to 3.6 percent — a 0.8 percentage point slash from its previous estimate released in January — prompting a five-percent dive in oil prices on Tuesday. The Fund pointed to surging energy prices, rising […]
ALGIERS, Algeria (AFP) — Nine people were killed and 16 others injured in a gas explosion in eastern Algeria which caused a three-storey building to collapse on Thursday, national television said. Rescue workers were searching the rubble in the town of Bordj Bou Arreridj for possible victims or survivors, local authorities said, adding that neighboring houses had been damaged. The explosion, which occurred in the morning, “was caused by a gas leak”, a local official […]
HONG KONG, China (AFP) — Equities fell Friday after their worst quarter since the early days of the pandemic as traders assess the impact of the war in Ukraine and the Federal Reserve’s plans to fight surging inflation by ramping up interest rates. Oil fell further following a plunge Thursday in response to news that the United States would release a million barrels a day from its reserves as it looks to rein in […]
by Danny Kemp © Agence France-Presse KYIV, Ukraine (AFP) Russia threatened Thursday to turn off its gas taps to Europe, opening up a new front in its war in Ukraine amid growing skepticism over Moscow’s claim it is scaling back its onslaught. Over a month into Russia’s invasion of its neighbor, Vladimir Putin’s troops have devastated cities like Mariupol with shelling, killing at least 5,000 people in the port city alone. But they have struggled […]
MOSCOW, Russia (AFP) –Russia reiterated Tuesday that it will only be accepting payment for gas deliveries to the EU in rubles after G7 ministers called this arrangement “unacceptable”. “Nobody will supply gas for free. This is just impossible. And it can only be paid for in rubles,” Kremlin spokesman Dmitry Peskov told reporters. “Companies must understand the completely changed environment that has arisen in the conditions of the economic war waged against Russia,” he […]
THE HAGUE, Netherlands (AFP) – Dutch energy firm Eneco said Tuesday the company would not enter into new contracts with Russian gas suppliers over the war in Ukraine. In a statement, Japanese-owned Eneco said it would honour existing contracts but “under these circumstances” would not ink new deals with Russian suppliers. The company estimates that some 15 percent of the gas it supplies to its 5.6 million customers comes from Russia. Eneco chief executive As Tempelman […]
Brent North Sea crude oil surges close to $140 per barrel, a near 14-year high LONDON, United Kingdom (AFP) — Europe and UK natural gas prices soared to record highs Monday on fresh supply fears after the United States proposed an embargo on Russian crude oil. Europe gas reference Dutch TTF rocketed more than 60 percent to reach an all-time peak of 345 euros per megawatt hour and UK gas hit an all-time pinnacle […]
LONDON, United Kingdom (AFP) — European gas prices surged by around 50 percent Wednesday to a record high on supply fears following key producer Russia’s invasion of Ukraine. Europe’s reference Dutch TTF gas price hit 194.715 euros per megawatt hour in morning deals. UK gas prices jumped as high as 463.84 pence per therm, close to the record 470.83 pence struck in December. The assault on Ukraine also sent oil prices rocketing Wednesday because Russia […]
