According to the government’s gas emergency plan, private households will be prioritized in case of a gas supply crunch but Germany’s network regulator head Klaus Mueller said the prioritization doesn’t mean that households can heat excessively in that situation.
On Aug. 4 , before the ban, Exxon Mobil said it has made significant progress exiting the Sakhalin-1 venture and that the pull out is a complex process.
The European gas storage level is at 70.54% capacity as of Aug. 2, not far from the 10-year average of approximately 71.40%.
“That is so little as to be meaningless. From a physical standpoint it is a marginal blip. As a political gesture it is almost insulting,” Eurasia Group’s Raad Alkadiri said of OPEC’s decision on Aug. 3 to raise oil output by 100,000 bbl/d.
The decree said that Gazprom will get just over a 50% stake and the remaining 49.99% will be held by the new company itself until after existing Sakhalin-2 shareholders apply for a stake which they should do within a month, or by early September.
The increase of 100,000 bbl/d announced by the producer group on Aug. 3 will be one of the smallest since OPEC quotas were introduced in 1982, OPEC data shows.
German Chancellor Olaf Scholz insists that Russia's Nord Stream 1 turbine, currently being stored in Germany, is functional and ready to be shipped back to Russia.
“The work is ongoing to make [oil] prices more realistic,” said Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan. “We have always said that the corridor of $60-$80 per barrel is a normal one... And today the price is $100.”
OPEC+'s annual meeting will further discuss a potential hike in crude supply later this week.
Since taking office in 2021, U.S. President Joe Biden has been loath to sanction Chinese entities engaged in oil trade with Iran due to hopes of securing an agreement to revive the 2015 Iran nuclear deal.