Russia has reduced shipments through its biggest Nord Stream pipeline by 60% and the link is scheduled for a full shutdown next week for maintenance.

“Such a collapse would have massive consequences for the entire economy and jobs in Germany.”

German leaders are stepping up warnings of impending turmoil and natural-gas shortages in Europe’s biggest economy, which relies on Russia for about one-third of its energy.

The European Commission will next month present a plan for EU countries to coordinate their preparations for further gas shocks, as Russia has already cut or reduced supplies to 12 of the bloc's 27 member states.

The EU’s gas supply situation could worsen if Russia halts gas flows to the region in the coming weeks, Energy Commissioner Kadri Simson said Monday.

In 2020, the EU sourced 19% of its gas imports from Norway, compared to 39% from Russia.

Under the JCPOA between Iran the P5+1 group of countries (the USA, UK, France, Russia, and China plus Germany) Iran agreed to limit its nuclear development in return for the lifting of sanctions.

"Today, nobody is bothering who is buying what from where. We are quite happy to source from as far as we can," a leading Indian oil ministry source said.

"OPEC+ is not going to change the plans at this month's meeting," an OPEC+ source said. Four other sources made similar remarks.

The balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”

Europe has imported a record amount of LNG so far this year, 60% more than a year ago, helping to keep European prices at the Dutch TTF hub, the European gas benchmark,

Certification by the Indian Register of Shipping (IRClass), one of the world's top classification companies, provides a final link in the paperwork chain - after insurance coverage - needed to keep state-owned Sovcomflot's tanker fleet afloat and delivering Russian crude oil to overseas markets.

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.

The Persian Gulf state, one of the world’s top LNG exporters, will demand that EU nations sign long-term contracts,