The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) announced an additional Notice of Sale of up to 40.1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR).

Gazprom completely suspends gas supplies to Finland’s Gasum due to failure to pay in rubles

As a result, short-term gas prices in Britain, France and Spain have tumbled to as little as a third of those in markets including the Netherlands and Germany,

The energy price cap is likely to soar to a record £2,800 ($3,499) in October, Ofgem Chief Executive Officer Jonathan Brearley told a panel of lawmakers on Tuesday.

The ongoing European energy crisis and its impact on economies across the region has seen unprecedented diplomacy efforts to secure a more stable energy supply, and Qatar has repeatedly said it stands ready to help its partners.

EU Member States consumed approximatively 400 bcm of gas in 2020 (25% of the EU's primary energy consumption), and they possess a combined gas storage capacity of about 105 bcm (as of 2020).

The discounted Russian Urals had helped to boost refining margins and operation rates for independent refineries.

The new pact, inked during a Qatari state visit to Germany, comes as Berlin looks to fast-track a number of new LNG import terminals to reduce its dependence on Russian gas imports.

The invasion of Ukraine by Russia has made it clear for all actors in Germany: diversification of gas imports is urgently needed.

China's seaborne Russian oil imports will jump to a near-record 1.1 million barrels per day (bpd) in May, up from 750,000 bpd in the first quarter and 800,000 bpd in 2021,

German industry is particularly anxious about energy-intensive factories, such as glass, steel, food or drug manufacturing, as well as the chemicals sector, that provide many of the building blocks for industry.

U.S. commercial crude oil inventories decreased by 3.4 million barrels to 420.8 million barrels.

The Finnish transmission system operator (TSO) Fingrid estimates that there is no threat to the sufficiency of electricity in the country since electricity imports from Russia covered about 10% of Finland’s total consumption before the suspension.

Gazprom produced 193.8 billion cubic meters of gas from January 1 through May 15, 2022. This is a decrease of 3.7 per cent (or 7.5 billion cubic meters) versus the same period of 2021.

Engie and Gazprom have agreed on a solution in line with both companies' expectations in terms of currencies and with European sanctions.