• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 3 days ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 2 days Wind droughts
  • 9 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 7 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 21 hours Australian power prices go insane
  • 4 days Xi Is Set To Be Re-Elected As China’s Leader
  • 2 days Europeans and Americans are beginning to see the results of depending on renewables.
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 hours "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 8 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Why Curbing U.S. Fuel Exports Is A Bad Idea

Why Curbing U.S. Fuel Exports Is A Bad Idea

The Biden Administration is understandably…

Ukraine Closes Schools To Save Natural Gas

Amid freezing temperatures in a Europe-wide cold snap, Ukraine has switched its thermal power plants to fuel oil from natural gas and is closing schools until March 6 in an effort to save gas after Russia’s Gazprom declined to resume shipments to Ukraine.

Without the Gazprom gas deliveries that had to begin on March 1, Ukraine currently has a gas deficit of up to 20 million cubic meters per day, Ukrainian Energy Minister Ihor Nasalyk told Parliament on Friday. Switching thermal power plants to fuel oil could save the country some

15 million cubic meters of gas a day, Nasalyk said, adding that his ministry had also asked local authorities to close schools and universities until March 6.

The current gas shortage in Ukraine is equal to one-tenth of its daily consumption, according to Reuters calculations.

Just hours after an arbitration court had ruled in favor of Naftogaz in a long-running payment dispute between the Ukrainian state company and Gazprom, a fresh gas dispute flared up on Thursday after Naftogaz said that Gazprom had not stood by its commitment to resume gas supplies, forcing Ukraine to reduce gas usage amid Arctic temperatures as the ‘Beast from the East’ freezing weather front sweeps across Europe.

The new rift comes after years of bitter disputes between the gas companies of Russia and Ukraine, exacerbated by the 2014 Russian annexation of Crimea.

Related: U.S. Rig Count Inches Higher As Canadian Rig Count Slips

On Wednesday, the Stockholm arbitration court ruled in favor of Naftogaz in the payment dispute with Gazprom, ordering the Russian company to pay Naftogaz US$2.56 billion for failing to supply Ukraine with the agreed amount of natural gas over a period of several years and also for failing to pay the full transit fees for the gas it did pump in that direction.

Gazprom’s CEO Alexander Medvedev said the company had received payment from Naftogaz for gas to be pumped its way this month, but had returned it, because the two companies have yet to sign a supplement to their original contract reflecting the court’s ruling.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News