The price of OPEC basket of thirteen crudes stood at $111.00 a barrel

German Economy Minister Robert Habeck will enact the “alarm” phase of the plan when he speaks at 10 a.m. local time Thursday on energy and supply security.

Germany, which relies on Russia for more than a third of its gas supplies, enacted the initial “early warning” phase at the end of March, when the Kremlin’s demands for payment in rubles prompted Germany to brace for a potential cutoff in supply.

Brent dropped $3.87, or 3.4%, to $110.78 a barrel, WTI were off lows but still down $4.04, or 3.7%, to $105.48 a barrel.

The EU relied on Russia for as much as 40% of its gas needs before the war - rising to 55% for Germany - leaving a huge gap to fill in an already tight global gas market.

The final boost will come in August. By then, OPEC+ will be running out of spare production capacity.

Brent rose $1.23, or 1.1%, to $115.36 a barrel, WTI rose $1.57, or 1.4%, to $111.13.

The price of OPEC basket of thirteen crudes stood at $113.54 a barrel

Brent rose 42 cents, or 0.4%, to $113.54 a barrel, WTI was at $109.85 a barrel, up 29 cents, or 0.3%.

The price of OPEC basket of thirteen crudes stood at $118.97 a barrel

"Мы ожидаем, что в ближайшие годы спрос увеличится еще на 5% от допандемийного уровня до 4-5 млн баррелей в сутки. И свободных мощностей на рынке сейчас нет", - подчеркнул вице-премьер.

За год выросли цены на все энергоресурсы: на газ – в среднем в четыре раза, на нефть – на 80%, уголь подорожал более чем в два раза.

Non-sanctioning countries including India and China have significantly increased imports of Russian oil since the invasion began Feb. 24, taking advantage of major price discounts.

Crude imports rose 55% from a year ago to 8.42 million tons, with Russia overtaking Saudi Arabia as China’s main source of oil, according to customs data released on Monday.

Supply is likely to remain curbed with Gazprom PJSC’s chief Alexey Miller warning there’s no solution for now for issues with the gas turbines essential for the functioning of the pipeline.