Fuel and energy

The sanctions imposed on oil against Russia actually increase Moscow's revenues from the export of this energy carrier, writes columnist Robert Rapier for the Oil Price portal.

The sanctions imposed on oil against Russia actually increase Moscow's revenues from the export of this energy carrier, writes columnist Robert Rapier for the Oil Price portal.

Oil production in Russia in 2022 is expected to reach 480-500 million tons against 524 million tons a year earlier, that is, the indicator will decrease by 5-8%

The European Commission may consider the possibility of building a gas pipeline between the Spanish city of Barcelona and the Italian city of Livorno across the Mediterranean.

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.