Dutch front-month gas futures, a European benchmark, were 5% lower at €128 a megawatt-hour at 8:40 a.m. in Amsterdam.

Export loadings of Russian crude averaged 3.02 million b/d in the week ending Dec. 11, little changed from the week before and in line with the November average of 3.07 million b/d

Despite Russia slashing gas deliveries this year, Europe has averted a severe shortage and started the winter with brimming gas storage tanks

Countries led by Germany, the Netherlands and Denmark are calling for a cautious approach, while a group including Belgium, Italy, Greece and Poland is pushing for a more aggressive tool to contain gas prices.

The Arctic weather is the first real test of Europe’s resiliency this season as it faces a historic energy crisis, with Russia curbing gas supplies to the region.

The special importance of joint energy projects, primarily in the gas industry, was emphasised. Following the recent talks in Istanbul by Gazprom CEO Alexei Miller the discussion continued of the initiative to create a regional gas hub in Turkiye.

Seaborne exports of Russian crude averaged 3.07 million b/d in November, down from 3.09 million b/d in October and just below the pre-war average of 3.1 million b/d in January and February.

Russia gradually choked its gas supply to Europe through 2022, ending deliveries via Yamal-Europe and Nord Stream, and sharply cutting exports via Ukraine.

The Group of Seven clinched a last-minute deal to cap the price of Russian crude at $60 per barrel.

In June the EU announced that, come December 5th, it would ban imports of Russian seaborne crude oil, which accounted for 2m barrels per day (b/d), or about 40% of Russia’s total crude exports, a year ago.

Gas prices are four times higher than normal for this time of year, fueling inflation and hurting economies.

With Russia cutting most of its gas supplies to Europe in the fallout over Moscow’s war in Ukraine, the continent is set to delve further into its stockpiles that it has spent months accumulating.

The EU aims to end its reliance on Russian fossil fuels by 2027. For now, Moscow’s move to halt supplies through the main Nord Stream 1 pipeline has led the bloc to increase shipments of Russian seaborne gas by around 50 per cent.

The European Union needs additional funds to decouple from Russian gas and shield companies and households from the current energy crisis,

Since Russia’s full-scale invasion of Ukraine in February 2022 and the reduction in natural gas pipeline imports from Russia that followed, European countries have reactivated development of previously dormant regasification projects and have started development of new projects.