The other cap in the mix is one to limit the price of gas used in electricity generation, which is backed by a vociferous group of member states.

During the consultation the government is seeking opinions and recommendations on three major issues: how energy consumption can be adapted in order for France to reach climate neutral by 2050; how energy demand can be met whilst reducing dependency on fossil fuels; and how to plan, implement and finance the energy transition.

China's crude imports from Russia have continued to stay elevated through 2022, averaging at 1.71 million b/d over January-August, up 7.3% year on year, according to customs data.

Caps on gas prices top the political agenda in Europe as governments seek to rein in an unprecedented energy crisis triggered by a cut of gas shipments by Russia, the continent’s former biggest supplier.

Benchmark futures declined as much as 12%, and are about 70% lower from the highs of August.

This €200bn package is expected to include a €96bn subsidy scheme which was introduced earlier in October 2022.

The REPowerEU plan, which aims to end the EU’s dependence on Russian fossil fuels and tackle the climate crisis, will seek to raise the share of renewables in the region’s final energy consumption to 45% by 2030.

There is a huge potential fusion industry and businesses were urged to get involved in the supply chain now.

Benchmark futures declined as much as 4.8% on Friday and headed for a third straight weekly loss.

Germany stuck to its refusal to cap gas prices and the 27 could only agree to disagree, declaring they will keep on examining options to put a ceiling on costs.

Sweden's six nuclear power reactors provide about 40% of its electricity. In 1980, the government decided to phase out nuclear power, but parliament repealed this policy in 2010.

"If we continue to meet our savings target of at least 20% in Germany, if three LNG terminals start operating at the beginning of next year at the latest, and if the expected winter-related decline in imports and the rise in currently low exports remain moderate, then we can get through the winter without a national gas emergency," he said in a statement.

While Europe lacks transparent data on who owns stored gas, the bulk is held by utilities, including state-owned companies, that will need to withdraw fuel to supply households and manufacturers, according to people familiar with the matter.

"The operation of TurkStream is now fully secured in the long term following the Dutch decision," foreign minister Peter Szijjarto was quoted as saying by Hungarian government spokesman Zoltan Kovacs.

Preliminary production figures for September 2022 show an average daily production of 1 832 000 barrels of oil, NGL and condensate.