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How to prepare for an energy crisis? European Commission unveils new emergency package of measures to solve energy crisis

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The European regulator has come up with measures to solve an energy crisis. It has so far rejected an immediate cap on gas prices. but proposed to launch a new benchmark for liquefied natural gas, a dynamic price ceiling on the TTF hub and mandatory joint fuel purchases for European companies. In doing so, the new benchmark for LNG must be launched by March 2023. This is necessary to separate LNG from the TTF index with pipeline gas pricing.

The publication pointed out that when the new benchmark appears, EU authorities will be able to regulate domestic gas prices in a manual mode. Moreover, companies may be obliged to purchase not less than 15% of their needs through joint procurement. At the same time, the purchase of Russian gas is prohibited.

How to prepare for an energy crisis? Market experts agree that the European Commission’s proposals have many uncertainties that still need to be clarified and approved. At the same time there is a threat to Russian gas from the creation of its own benchmark, as it is an interference in the pricing of the TTF.

However, market players will be reluctant or not accept the new rules from the European Commission at all. Moreover, European companies themselves are not ready for such changes, given that all actions will take place under the supervision of the European Commission with clear risks of antitrust law violations.

Earlier we reported that Sinopec found gas reserves of almost 400 billion cubic meters in the south-west of the country.

Economy

Oil Russia ban news: Russia will ban the sale of its oil to countries that have imposed a price ceiling

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Will Russia sell oil to Europe? The administration of President Vladimir Putin is preparing an order prohibiting Russian companies and any trader from buying Russian oil to sell raw materials to countries and companies that have imposed a price ceiling on Moscow. Bloomberg news agency wrote this, citing a report from sources.

“The Kremlin is preparing a presidential decree banning Russian companies and any traders buying national oil from selling it to anyone who participates in the price ceiling,” the publication wrote.

According to the newspaper’s interlocutors, this would prohibit any mention of the price ceiling in contracts for Russian crude, as well as transferring it to countries that have joined the price ceiling for the natural resource.

In the first half of September, the press service of the US Treasury Department said that the USA, together with its allies from G7 (Great Britain, Germany, Italy, Canada, France and Japan) and the European Union (EU) would impose a ban on marine transportation of Russian oil on December 5 and oil products – on February 5.

Earlier we reported that EU negotiations on limiting the prices of Russian oil reached a deadlock today.

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Economy

EU talks on restrictions on Russian crude oil prices today stalled

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Negotiations between the European Union countries about the “ceiling” of Russian crude oil prices today reached an impasse; Bloomberg reported, according to its sources.

Representatives of the bloc cannot reach an agreement on the ceiling price of Russian oil. According to the agency, the proposed European Commission limit of $65-70 per barrel, Poland and the Baltic countries believe “too generous,” while Greece and Malta, which is actively engaged in transporting fuel, do not want the limit to fall below $ 70. Recall that the Russian response to the oil price cap was negative. The Russian government has officially said that it will only sell oil at market prices.

“We are looking for ways to make this solution work and we are trying to find a common ground to implement it in a perfectly pragmatic and efficient way, while avoiding that it may cause excessive inconvenience to the European Union,” said German Chancellor Olaf Scholz.

Earlier, we reported that the SEC fined Goldman Sachs $4 million for non-compliance with ESG fund principles.

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Economy

More than 50% of Germans said they had given up shopping for new clothes and electronics. Is Germany’s economy failing?

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is germany's economy failing

Die Welt newspaper cited a survey by the consulting company EY and said that about 56% of Germans who took part in the survey said that they had practically refused to buy new clothes.

Also, 56% of German consumers reported that they now refrain from buying televisions, smartphones, laptops and game consoles. Also, nearly one in two now uses less gasoline, and one in four said they are saving on medications.

What caused the economic crisis in Germany? The main reason is the war in Ukraine and the resulting sanctions by the EU. Also, every second respondent reported that at the moment he could buy only the essentials. According to EY analysts, German households plan to further reduce spending in the coming months. In particular, they plan to save money on food delivery and entertainment.

Earlier, we reported that prices for liquefied natural gas in Asia reached their highest since October.

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