Fuel and energy

Deliveries of Russian ESPO oil to China rose to a record 1.1 million barrels per day in May. It is reported by Bloomberg.

The European Union (EU) will not be able to approve an oil embargo against Russia due to Hungary opposing the measure.

European Commissioner for Economic Affairs Paolo Gentiloni said that the member states of the European Union are currently unable to agree on an embargo on Russian oil imports.

The United States is suffering significant losses due to the refusal of Russian gas, as the country does not have enough reserves of liquefied natural gas (LNG) to meet the needs of the population.

Successful development of oil and gas fields on the Russian shelf is hampered by the lack of domestic technologies in this area, said the head of the Federal Agency for Subsoil Use Evgeny Petrov.

Europe is considering Israeli gas supplies through Turkey as an alternative to Russian fuel, according to the Turkish newspaper Yeni Şafak.

A subsidiary of Inter RAO, RAO Nordic Oy, will suspend electricity supplies to Finland at 01:00 Moscow time on May 14.

Gasoline prices in Russia will not rise in the near future, Grigory Bazhenov, head of the analytical center of the Independent Fuel Union, assured.

Gazprom spokesman Sergei Kupriyanov said that Ukraine left only one entrance for gas transit from Russia to Europe, which significantly reduces the reliability of gas supply.

European consumers are limited in substituting Russian gas, as supplies from other countries are a drop in the ocean.

Peter Szijjarto said that the European Union could not offer solutions that could keep the Hungarian economy from collapsing in the event of an embargo on Russian oil.

Germany in the future will "completely and forever" refuse to supply energy from Russia, said German Foreign Minister Annalena Berbock during her visit to Kyiv.

The German gas company VNG sees no problems with paying for gas supplies from Russia under the new scheme in rubles. It is reported by Reuters.

European Commissioner for Economic Affairs Paolo Gentiloni said that an embargo on Russian oil could be imposed within nine months.

These states are invited to abandon energy resources by 2024.