In March, Germany could replace its Russian imports, Shell is being sued, oil surges amid warnings of a shortage, and the energy crisis is affecting import-reliant nations hard. Continue reading our oil and gas news roundup to learn more about what’s happening in the industry this month.
Germany could replace half its imported Russian gas this year
Germany could replace around half of its natural gas imports from Russia this year in the event of a delivery stoppage. Russia’s share of Germany’s gas supply in Jan-Mar, which is not officially published, stood at 40%. Estimates from analysts and utilities last December had pegged the share at over 50%.
Aware that any import ban, prompted by Russia’s invasion of Ukraine, would have significant consequences for the German economy, the industry sought to lessen its current dependence on fossil raw materials from Russia.
For more information on this topic, check out the full article here.
Shell Board Sued Over Improper Preparation for Energy Transition
Environmental law charity organization ClientEarth has decided to take legal action against the board of directors of Shell for not preparing properly for the energy transition.
ClientEarth is arguing that the Board’s failure to properly manage climate risk to Shell means that it is breaching its legal duties. The Board has failed to adopt and implement a climate strategy that truly aligns with the Paris Agreement goal to keep the global temperature rising to below 1.5 degrees Celsius by 2050.
Click here for more information on this lawsuit.
Oil surges amid warnings of supply shortages
Oil prices climbed 4% after the International Energy Agency (IEA) said three million barrels a day (BPD) of Russian oil and products could be shut in from next month and despite the U.S. Federal Reserve’s decision to raise interest rates.
Both supply and demand are hurting but supply is currently hurting more and a tight oil market for the coming two quarters is to be expected.
Check out oilandgas360.com for the full article.
Energy Crisis Hits Poorer Import-Reliant Nations Hardest
The surging energy costs are causing headaches for governments around the world, but they’re especially painful for poorer nations that rely heavily on imported fuels. These countries don’t have the fiscal buffer enjoyed by wealthier peers and can’t count on increased revenue from their own exports.
Morocco, Thailand, Vietnam, and Pakistan are some of the most-affected larger economies, based on energy import and gross domestic product data from the United Nations. Poorer families in those countries will find it tougher to buy basic goods, manufacturing sectors that support millions of jobs will be at risk, and some governments may even find themselves under threat.
For the full article check out rigzone.com.
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