The incentive to reduce gas consumption is huge after Putin reduced supplies to Germany via the Nord Steam 1 pipeline. The Dutch TTF gas contract, a European benchmark, is trading above 205 euros ($209) per megawatt hour, 10 times its average in the decade through 2020 and equivalent to about $350 per barrel of oil.

TotalEnergies said it would boost spending on short-cycle projects this year to help ease Europe's growing energy supply crunch. It expects its full-year capital spending to hit $16 billion in 2022 as it hopes to increase its sources of European natural gas and produce more LNG in the coming months.

The region imported almost 700,000 barrels a day of the fuel from Russia last month, higher than the previous month and a 22 per cent increase compared with July last year

Russia has cut exports to Europe to multiyear lows this summer -- supplying less than a third of normal volumes -- and there’s no clarity on further moves.

The first project, with a capacity of 1 GW, may be supplemented later by a second plant of 1 GW, which could have either fixed foundations or floating wind turbines anchored to the ocean floor.

Gas prices jumped more than 10% following Gazprom’s decision to reduce Nord Stream flows even further. Moscow has been curbing shipments to the EU for months over apparent retaliation for the bloc’s support for Ukraine and sanctions over Russia’s invasion.

Natural gas flows from Russia to Germany via the Nord Stream pipeline will fall to 33 million cu m/d at 0700 Moscow time (0500 BST) due to the cessation of operations on another Siemens gas turbine at Portovaya

As technology evolves faster than ever, we become more and more reliant on a new cohort of minerals. We are moving to a world powered by critical minerals: we need lithium, cobalt and graphite to make batteries for electric cars; silicon and tin for our electronics; rare earth elements for electric cars and wind turbines.

“The resumption this morning of flows along Nord Stream is likely to lead to a collective sign of relief from not just the European gas market, but from the wider economy,”

“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.”

"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."

ITER is a major international project to build a tokamak fusion device in Cadarache, France, designed to prove the feasibility of fusion as a large-scale and carbon-free source of energy.

In June 2022 Gazprom had reduced gas supplies over the Nord Stream 1 pipeline to 67 mcm/d (24.5 bcm/year).

France, Germany and Poland continued to receive term diesel cargoes from Russia, while spot diesel cargoes that would typically supply the UK are now ending up in the Amsterdam-Rotterdam-Antwerp hub instead, with a few Primorsk cargoes also finding their way to Barcelona.

Global LNG export capacity has increased by 29%, or 14.0 Bcf/d, over the past five years (2017–21).