- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
NGG | -2.7% | 66.97 | $ | |
AZN | -2.12% | 77.93 | $ | |
SCS | -1.98% | 12.62 | $ | |
BP | 0.28% | 32.46 | $ | |
CMSC | -0.16% | 24.74 | $ | |
RIO | -1.42% | 69.83 | $ | |
BCC | -0.9% | 138.29 | $ | |
GSK | -2.81% | 38.37 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
RBGPF | 100% | 58.93 | $ | |
CMSD | -0.16% | 24.89 | $ | |
BTI | -2.45% | 35.11 | $ | |
BCE | -1.77% | 33.84 | $ | |
JRI | -0.6% | 13.3 | $ | |
VOD | -0.52% | 9.69 | $ | |
RELX | -1.46% | 46.61 | $ |
Europe on tenterhooks over return of Russian gas to Germany
Europe anxiously awaits the return of Russian gas supplies on Thursday at the end of scheduled work on a crucial pipeline, as heavily dependent Germany accuses the Kremlin of using energy as a "weapon".
The Nord Stream 1 pipeline is due to reopen at 0400 GMT after 10 days of annual repairs, but Germany fears Russia will seize the opportunity to simply keep the taps entirely or nearly shut, plunging the continent into an energy crisis.
The showdown comes amid the worst tensions between Russia and the West in several years over the invasion of Ukraine.
"Moscow is not shying away from using grain and energy deliveries as a weapon," German Chancellor Olaf Scholz told reporters this week, referring to allegations Moscow was also deliberately blocking food exports from Ukraine.
"We have to be resolute in protecting ourselves."
However, enduring German reliance on Russian gas coupled with distinctly negative signals from Moscow looked set to ratchet up the pressure on Europe's top economy.
The IMF warned on Wednesday that a halt in supplies could slash 2022 GDP by 1.5 percent.
- 'Will fulfil' -
Russia's state-owned energy giant Gazprom cut flows to Germany via the Nord Stream 1 pipeline under the Baltic Sea to some 40 percent of capacity in recent weeks, blaming the absence of a Siemens gas turbine that was undergoing repairs in Canada.
The repaired turbine is reportedly en route to Russia and expected to arrive on Sunday at the earliest.
Russian President Vladimir Putin insisted this week that Gazprom would meet all its delivery obligations.
"Gazprom has fulfilled, is fulfilling and will fulfil its obligations in full," Putin told reporters in Tehran after holding talks with the leaders of Iran and Turkey.
However, he warned that as another gas turbine was due to be sent for maintenance at the end of this month, energy flows could fall to 20 percent of capacity from next week.
Since Putin sent troops to Ukraine on February 24 and the West responded with sanctions against Moscow, Russia has begun reducing its gas deliveries to prevent EU countries from replenishing reserves.
Gazprom has already blamed cuts in gas deliveries to Europe on "force majeure", two major German customers said this week, adding to fears about further disruptions.
Force majeure is a legal measure allowing companies to free themselves from contractual obligations in light of circumstances beyond their control.
- 'Blackmail' -
The German government has rejected Gazprom's turbine explanation as an "excuse". However, Berlin acknowledges it would be largely powerless to dispute the force majeure claim and expect to be awarded damages from Russia.
As of Wednesday, German gas reserves were about 65 percent according to official estimates. Experts say that would leave Germany critically exposed if supplies via Nord Stream 1 didn't resume before cold weather returns.
The European Commission on Wednesday urged EU countries to reduce their demand for natural gas by 15 percent over the coming winter months, and to give it special powers to force through needed demand cuts if Russia severs the gas lifeline.
"Russia is blackmailing us," Commission president Ursula von der Leyen, a former German defence minister, told reporters.
"Russia is using energy as a weapon and therefore, in any event, whether it's a partial major cut off of Russian gas or total cut off... Europe needs to be ready."
German Economy Minister Robert Habeck, who has said he's started taking shorter showers to save energy, stressed that industry - but also consumers -- would have to do their part to reduce Russia's power in the current standoff.
"A decisive bit of leverage is reducing gas use," he said in a statement. "We have to do everything in our power to work on that."
T.Morelli--CPN