• 10 mins Kuwait Greenlights Game-Changing Gas Fields Project After Years of Delay
  • 40 mins Minnesota Begins Public Hearings On Enbridge Line 3 Project
  • 1 hour China Looks To Create National Natural Gas Pipeline Firm
  • 2 hours Total Not In A Rush To Sell Canadian Oil Sands Assets
  • 2 hours DOE Seeks To Boost Usage Of Carbon Capture Tech
  • 3 hours Taxpayers Likely To Pick Up The Growing Tab For DAPL Protests
  • 6 hours WTI At 7-Month High On Supply Optimism, Kurdistan Referendum
  • 12 hours Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil
  • 17 hours Petrobras Creditors Agree To $6.22 Billion Debt Swap
  • 21 hours Cracks Emerge In OPEC-Russia Oil Output Cut Pact
  • 1 day Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut
  • 1 day Chevron To Invest $4B In Permian Production
  • 1 day U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS
  • 1 day Iraq Says Shell May Not Quit Majnoon Oilfield
  • 4 days Nigerian Oil Output Below 1.8 Million BPD Quota
  • 4 days Colorado Landfills Contain Radioactive Substances From Oil Sector
  • 4 days Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal
  • 4 days Japan Court Slams Tepco With Fukushima Damages Bill
  • 4 days Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS
  • 4 days Total Joins Chevron In Gulf Of Mexico Development
  • 4 days Goldman Chief Urges Riyadh To Get Vision 2030 Going
  • 4 days OPEC Talks End Without Recommendation On Output Cut Extension
  • 5 days Jamaican Refinery Expansion Stalls Due To Venezuela’s Financial Woes
  • 5 days India In Talks to Acquire 20 Percent Of UAE Oilfield
  • 5 days The Real Cause Of Peak Gasoline Demand
  • 5 days Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking
  • 5 days Oil Exempt In Fresh Sanctions On North Korea
  • 5 days Sudan, South Sudan Sign Deal To Boost Oil Output
  • 5 days Peruvian Villagers Shut Down 50 Oil Wells In Protest
  • 5 days Bay Area Sues Big Oil For Billions
  • 6 days Lukoil Looks To Sell Italian Refinery As Crimea Sanctions Intensify
  • 6 days Kurdistan’s Biggest Source Of Oil Funds
  • 6 days Oil Prices On Track For Largest Q3 Gain Since 2004
  • 6 days Reliance Plans To Boost Capacity Of World’s Biggest Oil Refinery
  • 6 days Saudi Aramco May Unveil Financials In Early 2018
  • 6 days Has The EIA Been Overestimating Oil Production?
  • 6 days Taiwan Cuts Off Fossil Fuels To North Korea
  • 6 days Clash In Oil-Rich South Sudan Region Kills At Least 25
  • 6 days Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction
  • 7 days India’s Oil Majors To Lift Borrowing To Cover Dividends, Capex
Will The White House Prevent Rosneft From Buying Citgo?

Will The White House Prevent Rosneft From Buying Citgo?

The potential Rosneft purchase of…

The Secret Of Jordan’s Energy Reform Success

The Secret Of Jordan’s Energy Reform Success

Jordan’s wildly successful privatization process…

Italy Surpasses Turkey As Second-Largest Russian Gas Importer

Pipeline

Italy has leapfrogged Turkey to become the second-largest importer of Russian gas, according to Gazprom CEO Alexei Miller on 15 June.

"In 2016, Italian consumers have increased their demand for gas from Russia," Miller said in a brief statement cited by S&P Global Platts. Demand grew by 5.3 percent to 24.2 billion cubic meters (bcm) of gas from 2014 to 2015, which was the second highest volume in its history. Purchases from Italy continue to rise this year with a first trimester yearly increase of 28 percent, though growth continued in the second quarter at a slower pace of 5.3 percent.

In contrast, Turkish imports have faltered in the early part of this year purportedly amid strained diplomatic relations stemming from the downing of a Russian fighter jet in November 2015. Turkey bought 6.42 Bcm from Gazprom in the first three months of this year, representing a 15 percent dip compared to the first quarter of 2015.

Italy isn’t the only country suffering from a slowdown of Russian gas imports in the second quarter of this year. The latest Gazprom data also revealed that sales of gas to Europe and Turkey (not including ex-Soviet Union states) were practically unchanged in the first five months of 2016 compared to the same period in 2015. But supplies to several key European markets including top Russian gas importer Germany grew at a gradual pace in the early part of this year.

A silver lining to the easing of imports is the expectation of increased purchases by European countries due to the possibility of pricing under oil-indexed mechanisms falling from current levels.

Related: Conoco-Philips Pipeline Leak Threatens Wildlife Area In Alberta

In addition, the Italian market may also benefit in the long run from greater availability of natural gas from Russia. Russian plans for the construction of a new pipeline route across the Black Sea to Greece and Italy continue to run their course. Energy Minister Alexander Novak further claimed the implementation of the Trans-Adriatic Pipeline project from the Caspian Region and the Middle East would not interfere with the delivery of gas to Italy.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News