With European energy prices at acute levels, there are huge risks that could destabilise the whole social, economic, and political fabric of Europe.

Gazprom produced 300.8 billion cubic meters of gas from January 1 through September 15, 2022. This is a decrease of 15.9 per cent (or 56.8 billion cubic meters) versus the same period of last year.

Benchmark futures fell as much as 9.6%, following extreme volatility this month. Rising gas stockpiles and ample supplies of liquefied natural gas have pulled prices back from August records, but they’re still more than seven times higher than the typical levels for this time of year.

The Russian-Chinese interstate interaction can be regarded as a model. The foreign policy tandem of Moscow and Beijing plays a key role in ensuring global and regional stability.

Following the talks, both presidents signed a declaration on comprehensive strategic partnership between the Russian Federation and the Republic of Uzbekistan.

We can state that the level of strategic partnership that has been attained and outlined in relevant documents is present not only on paper, but in real life as well.

There are very interesting and large-scale projects, namely the Pakistan Stream gas pipeline project, which involves building the infrastructure needed for the delivery of LNG.

Benchmark futures jumped as much as 12%. The European Commission’s radical intervention plan includes raising 140 billion euros ($140 billion) for consumers from energy companies’ earnings, as also mandatory curb on peak power demand and boosting liquidity.

The plan is expected to raise €140bn, including €117bn from the temporary revenue cap on inframarginal electricity producers and €25bn from the temporary solidarity contribution based on taxable surplus profits made in the fiscal year 2022 on energy undertakings in the oil, gas, coal and refinery sectors

The risks of shortages drove gas prices higher for a third day. The European Commission this week unveiled radical intervention plan including raising 140 billion euros ($140 billion) for consumers from energy companies’ earnings, mandatory curb on peak power demand and boosting liquidity.

Benchmark futures rose as much as 6.9%, a day after closing 4.2% higher. Authorities are designing measures designed to rein in an unprecedented energy crisis that has fueled inflation, hurt industry and left nations on the brink of a recession.

So far, in 2022, spot electricity prices are five to ten times higher than in previous years. On August 22, the daily spot market price for Germany exceeded 600 EUR/MWh, 15 times the average of the 2010s.

Digital transformation in oil and gas is more of a transformation problem than it is a digital one. Many executives are hesitant to invest heavily in digital transformation but continue to be hampered by the cost of poor quality.

The developed nations of Europe and the UK have played into the hands of Russia by closing coal and nuclear generation facilities and becoming dependent on renewables and Russian natural gas, rather than developing their own natural gas reserves.

Germany doesn’t support a price cap on Russia gas because some countries are still dependent on those supplies, Economy Minister Robert Habeck told reporters in Brussels.