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2022-07-15 12:00:00

EUROPEAN ENERGY CRISIS, RECESSION

EUROPEAN ENERGY CRISIS, RECESSION

BLOOMBERG - July 15, 2022 - Europe will plunge into a recession after a looming energy prices, prompting a scramble for jobs even in a country like Hungary that’s faced a labor shortage until now, according to Prime Minister Viktor Orban.

European Union sanctions against Russia, including on oil, have backfired as they’re causing bigger hardship for Europe than for Moscow while they’ve failed to push Russia to end its war, Orban said in a state radio interview on Friday.

“Until now I thought we had shot ourselves in the foot,” Orban said. “Now it’s more like the European economy had shot itself in the lungs and it’s now struggling to breathe.”

Hungary, which receives Russian gas via two main pipelines, is unlikely to face a cut-off of gas but it’ll also have deal with soaring energy prices, Orban said.

That’s prompted the government to announce on Thursday a cap on a decade-old household utility subsidy program and to set up a task force for potential future emergency measures, he said.

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Earlier:

EUROPEAN ENERGY CRISIS, RECESSION
2022, July, 14, 12:30:00
RUSSIAN, EUROPE SANCTIONS WITHOUT GAS
"What is definitely problematic is to include energy into the sanctions, because a rule must be observed that the sanctions must have a greater impact on Russia than on the countries imposing the sanctions."
EUROPEAN ENERGY CRISIS, RECESSION
2022, July, 11, 13:35:00
EUROPEAN GAS PRICES DOWN
Europe’s energy industry has been plunged further into turmoil since Russia deepened its supply cuts last month.
EUROPEAN ENERGY CRISIS, RECESSION
2022, July, 8, 14:45:00
EUROPEAN GAS PRICES UPDOWN
Dutch front-month gas, the European benchmark, fell as much as 10%, and was 6.4% lower at 171.49 euros per megawatt-hour at 9:49 a.m. in Amsterdam. The contract has doubled over the past month. The UK equivalent declined 6.2%, but was also heading for a weekly gain.
EUROPEAN ENERGY CRISIS, RECESSION
2022, July, 8, 14:35:00
RUSSIAN GAS FOR EUROPE IS STABLE
Russian gas producer Gazprom (GAZP.MM) has cut capacity through the pipeline to just 40%, citing the delayed return of equipment being serviced by Germany's Siemens Energy (SIEGn.DE) in Canada.
EUROPEAN ENERGY CRISIS, RECESSION
2022, July, 7, 10:55:00
EUROPEAN GAS PRICES UP AGAIN
Dutch front-month gas, the European benchmark, traded 3.5% higher at 177 euros per megawatt-hour at 8:43 a.m. in Amsterdam.
EUROPEAN ENERGY CRISIS, RECESSION
2022, July, 6, 11:15:00
RUSSIA GOT $24 BLN
China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, almost double the amount a year earlier, latest customs data show. Meanwhile, India shelled out $5.1 billion in the same period, more than five times the value of a year ago.
EUROPEAN ENERGY CRISIS, RECESSION
2022, May, 19, 13:50:00
EUROPEAN ENERGY SUICIDE
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.
All Publications »
Tags: RUSSIA, EUROPE, SANCTIONS, GAS, OIL, ENERGY, CRISIS
Chronicle:
EUROPEAN ENERGY CRISIS, RECESSION
2022, December, 5, 11:34:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
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EUROPEAN ENERGY CRISIS, RECESSION
2022, December, 5, 11:33:00
TRANSPORTATION OIL AND GAS CONGRESS 2023 (TOGC 2023)
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EUROPEAN ENERGY CRISIS, RECESSION
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2022, December, 5, 11:30:00
FOOLISH ENERGY TRANSITION
Many things about the energy transition are foolish and driven not by science, but by feelings or politics.
EUROPEAN ENERGY CRISIS, RECESSION
2022, December, 5, 11:25:00
ENERGY FOR SMART CITIES
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EUROPEAN ENERGY CRISIS, RECESSION
2022, December, 5, 11:20:00
U.S. EMPLOYMENT UP BY 263,000
Total nonfarm payroll employment increased by 263,000 in November, and the unemployment rate was unchanged at 3.7 percent.
EUROPEAN ENERGY CRISIS, RECESSION
2022, December, 5, 11:15:00
WORLDWIDE RIG COUNT DOWN 3 TO 1,890
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