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  Bloomberg Russia’s Gazprom PJSC will further cut gas supplies to Italy by about one third, the country’s energy giant Eni SpA said in a statement on Monday. Gazprom announced that it will supply Eni with approximately 21 million cubic meters of natural gas per day, compared to an average of about 32 million cubic meters per day over the …

Bloomberg The world needs to dramatically ramp up spending tenfold to $110 billion a year to curb methane releases and avoid the worst of climate change, a new study has found. The potent greenhouse gas is responsible for nearly half of net global warming to date, yet just 2% of global climate finance is directed towards curbing releases of the …

  Bloomberg Russia’s seaborne crude exports in the seven days to July 1 rebounded from the previous week’s plunge, but shipments to Asia are slipping, even as flows are diverted to the country’s Black Sea terminal to cut the voyage distance to India. Aggregate crude flows from Russian ports were up week-on-week by 23%, recovering most of the volume lost …

Bloomberg The global surge in the cost of fuel is starting to weigh on demand, according to the world’s biggest independent oil trader. Consumers are being hit by the run-up in gasoline, diesel and other oil products, Mike Muller, head of Asia at Vitol Group, said on Sunday on a podcast. “There’s very clear evidence out there of economic stress …

  Bloomberg Natural gas prices in Europe headed for the longest streak of weekly gains this year as a prolonged shutdown of a key export facility in the US further tightens a market that’s already reeling from Moscow’s supply cuts. Benchmark futures rose as much as 6.1% to advance for a third week. The Freeport LNG project now plans to …

  Bloomberg Investment returns from UK power network operators are set to be higher than analysts expected as the regulator unveiled a $25.5 billion budget for expanding the grid for the green-energy transition. Ofgem said it’s proposing tough efficiency targets for the networks, along with a reduction in their allowed rate of equity return to 4.75% from about 6%. While …

  Bloomberg European natural gas prices rise as Russia’s deep supply cuts are slowing the pace of refilling storage sites, threatening to fall short of levels required to keep homes warm in the coming winter. Benchmark futures started the week with a gain of as much as 6.9%. Buyers have found it more difficult to replace Russian gas from elsewhere …

  Bloomberg A group of oil and gas producers including Equinor ASA, Shell Plc and TotalEnergies SE are considering building what would be the world’s largest floating wind farm off Norway to power their fossil-fuel activities. The companies are looking at options to build a 1-gigawatt wind farm to power operations in the Troll and Oseberg oil and gas fields, …

  Bloomberg BP’s acquisition of a stake and lead role in a $36 billion green hydrogen development in Western Australia is casting a spotlight on a slew of ambitious projects around the world that are promising to deliver massive amounts of the clean fuel. Green hydrogen, produced using water and renewable electricity, is widely predicted to play a crucial role …

  Bloomberg Russia’s oil-export revenues surged to around $20 billion in May despite shipping lower volumes, as a rally in global energy prices buoyed its coffers, according to the International Energy Agency (IEA). That’s a 11% increase from a month earlier, taking Russia’s total revenue for shipping crude and oil products roughly back to levels before the invasion of Ukraine, …