Europe

European gas prices rose further on Monday after the strong rise of more than 40 percent last week. Moscow's throttling of Russia's gas supplies to several European countries is fueling concerns about Europe's ability to replenish its gas supplies for the winter season.   On the European stock exchange in Amsterdam, gas became 6 percent more expensive at 124.75 euros per megawatt-hour. The Russian state gas company Gazprom announced last week that it would further reduce deliveries to Germany. Since Thursday, only about 40 percent of the normal amount has been supplied via Nord Stream 1, Germany's most important pipeline for Russian gas. Gazprom chief executive Alexei Miller warned that the situation will not improve any time soon. According to him, there is currently no solution f...

Russia will find other buyers for the oil that the European Union no longer buys. Mikhail Ulyanov, who is Russia's permanent representative to international organizations in Vienna, said on Twitter.   Ulyanov reacted to the oil embargo that the EU has agreed on Russian tanker oil. The question is which countries will buy the oil. China and India will have to do that, as many other Asian countries such as Indonesia and Sri Lanka do not have the advanced refineries necessary to fuel Russia's Ural oil. Russian crude oil contains relatively much sulphur. However, China and India could negotiate discounts that would reduce Russia's earnings from its oil. Recently, this happened even after many western oil companies had decided to stop buying oil from Russia.