The balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”

The Indonesian state-owned oil and natural gas company Pertamina released its results for 2021, posting a total revenue of US$57.5bn (+39% compared to 2020) and a profit of US$2.2bn

The plan includes increased reliance on coal-fired generation, an auction system to incentivise lower consumption in industry and €15bn in credit lines via the state-owned investment and development bank KfW for the country's gas market operators to fill gas storage facilities faster.

Preliminary production figures for May 2022 show an average daily production of 1 831 000 barrels of oil, NGL and condensate.

Just when it didn’t seem things couldn’t get worse — gasoline at $5 to $8 a gallon, supply shortages in everything from baby formula to new cars — comes the devastating news that many of us will endure electricity blackouts this summer.

Russian shipments through the Nord Stream pipeline to Germany are set to swing broadly on Tuesday, nominations show. The link is also scheduled to shut down July 11-21 for seasonal maintenance.

The Administration has actually recommended that people buy EVs to avoid increasing gasoline prices. The recent ban on imports of Russian oil will likely further increase gasoline prices, which have already doubled under the Administration.

In May 2022, Spain and Portugal created an extraordinary and temporary mechanism in Spain and Portugal to protect consumers from the rise in electricity prices,

The Brent price will average $108/b in the second half of 2022 (2H22) and then fall to $97/b in 2023.

Germany advised people to defrost their freezers regularly, change shower heads and switch office lighting to LEDs as the government tries to reduce a reliance on imported Russian energy that’s become a political liability.

"This problem can be solved -- insuring supplies can be secured by using state guarantees within the framework of interstate agreements with third countries," Medvedev said.

India imported 84% of its oil needs and 54% of its gas needs in 2020. After coal (44%), oil represented 44% of the country’s total consumption in 2020, against 6% for natural gas.

Striving to further promote mutually beneficial ties, in part, in energy, transport and tourism, the leaders agreed to hold more meetings.

The European Union proposed banning seaborne oil from Russia while delaying restrictions on imports from a key pipeline

Russian and Iranian officials discussed oil and gas supply swaps, as well as increasing joint energy investments May 25, as an increasingly isolated Moscow seeks more trade partners due to unprecedented sanctions pressure.