 |
Louisiana Light • 3 days | 78.61 | -1.95 | -2.42% | ||
|
Bonny Light • 2 days | 81.28 | +1.10 | +1.37% | ||
|
Opec Basket • 3 days | 85.00 | +1.11 | +1.32% | ||
|
Mars US • 29 days | 79.71 | -2.05 | -2.51% | ||
|
Gasoline • 1 day | 2.121 | -0.055 | -2.51% |
|
Bonny Light • 2 days | 81.28 | +1.10 | +1.37% | ||
|
Girassol • 2 days | 81.92 | +1.12 | +1.39% | ||
|
Opec Basket • 3 days | 85.00 | +1.11 | +1.32% |
|
Peace Sour • 2 days | 59.71 | -1.90 | -3.08% | ||
|
Light Sour Blend • 2 days | 63.56 | -1.90 | -2.90% | ||
|
Syncrude Sweet Premium • 2 days | 68.16 | -1.90 | -2.71% | ||
|
Central Alberta • 2 days | 61.71 | -1.90 | -2.99% |
|
Eagle Ford • 3 days | 72.44 | -1.90 | -2.56% | ||
|
Oklahoma Sweet • 3 days | 72.00 | -2.00 | -2.70% | ||
|
Kansas Common • 6 days | 65.00 | -0.75 | -1.14% | ||
|
Buena Vista • 4 days | 83.98 | +1.45 | +1.76% |
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U.S. Official: Russia Will Never Be Seen As A Reliable Energy Supplier
Russia will never again be seen as a reliable supplier of energy, Geoffrey R. Pyatt, U.S. Assistant Secretary of State for Energy Resources, said on Friday.
During talks in Japan this week and in Europe in the past weeks, “In all those conversations, it’s very clear to me that Russia is never again going to be viewed as a reliable energy supplier,” Pyatt said on a special briefing today, ahead of a U.S.-Japan Energy Security Dialogue.
“So the question is how best to phase out our exposure to Russian supplies,” the U.S. official added.
The U.S. and its allies and G7 partners are working “jointly to deny Russia future energy revenues and to target in particular investments and projects which are aimed at growing Russia’s future energy revenue,” Pyatt said on the briefing.
This is why the U.S. targeted the Arctic LNG 2 project in Russia by sanctioning last month Russian companies providing construction and engineering services to the project, the U.S. official said.
The sanctions do not apply to the project or to its shareholders, which include Japanese firms. The designations of Russian services companies could delay the Arctic LNG 2 project, developed by Russian gas firm Novatek, which was on track to begin first production later this year.
Pyatt also said that the price cap on Russian oil “is working to meet its intended goals and we are committed to maintaining an intensive level of dialogue with Japan and our other G7 partners to ensure that that continues to be the case.”
The comments from the U.S. energy official came a day after the U.S. Department of the Treasury imposed on Thursday sanctions on two entities and identified as blocked property two vessels that used Price Cap Coalition service providers while carrying Russian crude oil above the $60 a barrel price cap.
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Thursday’s sanction move – the first time the U.S. has imposed sanctions for a breach of the price cap – sent oil prices rallying by nearly 4% early on Friday.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com:
- Oil Prices Rally As The U.S. Enforces Sanctions On Russian Exports
- U.S. Sanctions Two Tanker Owners For Breaching The Russian Oil Price Cap
- Putin Says OPEC+ Output Cuts ‘Likely’ To Continue Into 2024
Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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Russia would have been only too happy to continue its deliveries to the West.
Another lie from people who keep talking about moral values to justify all their actions.
1- Europe’s economies since the early 1970s have been built on cheap and plentiful Russian piped gas which has been delivered to them punctually, efficiently and speedily. By contrast, your country has been bankrupting the Europeans by selling them the more expensive LNG at 3-4 times the price you sell it in the domestic market.
2- The reliable gas supplies to Europe were halted when the United States pressured the EU to join it in imposing unprecedented sanctions, bans on exports of Russian crude oil, petroleum products and gas and a price cap as well. Then came the sabotaging of the Russian Nord Stream 1 and Nord Stream 2 gas pipelines which circumstantial evidence points the finger at your country as being the culprit since it has a motive, economic benefit and a strategic goal to sever for ever the EU’s dependence on cheap Russian gas.
3- Despite supplying hundreds of billions worth of highly sophisticated weaponry and financial aid to Ukraine, Russia has never stopped supplying processed uranium fuel to the United States whose 54 nuclear plants depend on Russian nuclear fuel for 34% of their needs.
Russia is far more reliable supplier than your country and moreover, it keeps its word and commitments unlike yours which reneged on treaties and agreements to which it inked its signature to time and time again.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert