Gas will be critical for an achievable, affordable, sustainable, and secure decarbonization of the global energy system.

Egypt has an electricity capacity of 62 GW (at the end of 2021), 80% of which is from gas and 10% from oil.

REPowerEU is about rapidly reducing our dependence on Russian fossil fuels by fast forwarding the clean transition and joining forces to achieve a more resilient energy system and a true Energy Union.

Preliminary production figures for April 2022 show an average daily production of 1 871 000 barrels of oil, NGL and condensate.

Saying no to Russian energy means that Europe will systemically and for the long term become the world’s most costly region for energy resources.

The global energy system is broken and bringing us ever closer to climate catastrophe.

Due to the ongoing geopolitical crisis, the EU member states have set up a purchasing platform for gas, LNG and hydrogen. In this way, one wants to become more independent of Russian energy imports and react against the strong price fluctuations of natural gas.

The energy package due this week may include measures to address the increasing household costs and energy poverty.

Russia’s share of German crude consumption has already declined to 12% from about 35% before the war in Ukraine, according to the Economy Ministry in Berlin.

Aramco announces first quarter 2022 results Net income: $39.5 billion (Q1 2021: $21.7 billion)

Both the companies will work together in areas of blue and green hydrogen and various clean energy initiatives, according to a statement.

The Brent price will average $107/b in 2Q22 and $103/b in the second half of 2022, the average price to fall to $97/b in 2023.

The EU wants to combine faster deployment of renewables, greater energy savings, diversification of supplies from international partners and new tools to accelerate investment in a bid to replace coal, oil and natural gas from Russia following the country’s invasion of Ukraine.

The bloc should have at least 1,000 gigawatts of photovoltaics installed in the region by 2030 -- equivalent to roughly the world’s current capacity -- according to a joint letter signed by Austria, Belgium, Lithuania, Luxembourg and Spain to the bloc’s climate chief Frans Timmermans and Energy Commissioner Kadri Simson.

I believe we are in fact in the first global energy crisis, and this is affecting the oil markets, gas markets, electricity markets and coal markets. The world has never seen such an energy crisis.