Oil

Gas prices in Europe could rise significantly as the region needs to pump record volumes of fuel into underground gas storages (UGS).

The British multinational oil and gas company British Petroleum (BP) has announced its intention to stop making new deals to buy oil and gas from Russia.

Gazprom continues to supply gas for transit to Europe through the territory of Ukraine in the normal mode.

Member of the European Parliament Thierry Mariani said that if the EU refuses to import gas and oil from Russia, then such a decision will turn out to be a disaster for it.

German Chancellor Olaf Scholz said that Germany decided to continue business with Russia in the field of energy supply.

German Finance Minister Christian Lindner spoke out against imposing bans on the purchase of Russian oil, coal and gas.

Serbian President Aleksandar Vucic said that the price of oil could rise by 2-3 times in the event of a ban on imports from Russia.

The price of gas in Europe during the auction for the first time exceeded $2,800 per 1,000 cubic meters, TASS reports, citing data from the ICE exchange.

In Canada, they proposed to supply Canadian oil to the United States instead of Russian because of the situation around Ukraine.

It will be difficult for Europe to find a replacement for Russian gas before the end of the year, said Alexander Kamkin, a researcher at the Center at the Institute of Europe of the Russian Academy of Sciences.

According to the expert, the rise in gas prices is due to the nervousness of the market about possible interruptions.

The sanctions imposed against Russia for the operation to protect the Donbass will hit the German economy hard.

German Chancellor Olaf Scholz called the decision to stop the Russian gas pipeline Nord Stream 2 timely.

Germany, following the United States and other member countries of the International Energy Agency (IEA), intends to use part of the oil from national reserves.

The official representative of the Russian Ministry of Foreign Affairs said that the German government succumbed to the temptation to use the Nord Stream 2 gas pipeline as leverage on the Russian Federation.