Baltic States Stop Russian Gas Imports

View of the Pipeline Inspection Gauge (PIG) receiving station, the Nord Stream 2 part of the landfall area in Lubmin on Germany’s Baltic Sea coast, taken on September 21, 2021. John MacDougall, AFP
View of the Pipeline Inspection Gauge (PIG) receiving station, the Nord Stream 2 part of the landfall area in Lubmin on Germany’s Baltic Sea coast, taken on September 21, 2021. John MacDougall, AFP
TT

Baltic States Stop Russian Gas Imports

View of the Pipeline Inspection Gauge (PIG) receiving station, the Nord Stream 2 part of the landfall area in Lubmin on Germany’s Baltic Sea coast, taken on September 21, 2021. John MacDougall, AFP
View of the Pipeline Inspection Gauge (PIG) receiving station, the Nord Stream 2 part of the landfall area in Lubmin on Germany’s Baltic Sea coast, taken on September 21, 2021. John MacDougall, AFP

The head of Latvia's natural gas storage operator said Saturday the Baltic states were no longer importing Russian natural gas.

"If there were still any doubts about whether there may be any trust in deliveries from Russia, current events clearly show us that there is no more trust," said Uldis Bariss, CEO of Conexus Baltic Grid.

"Since April 1st Russian natural gas is no longer flowing to Latvia, Estonia and Lithuania," he told Latvian radio.

He added that the Baltic market was currently being served by gas reserves stored underground in Latvia, AFP said.

The move comes as Russian President Vladimir Putin has sought to leverage Russia's status as an energy power.

With his economy crippled by unprecedented international sanctions, Putin warned EU members that they would need to set up ruble accounts to pay for Russian gas.

He said Thursday that existing contracts would be halted if the payments were not made.

While the United States banned the import of Russian oil and gas, the European Union -- which received around 40 percent of its gas supplies from Russia in 2021 -- has retained deliveries from Moscow.

Lithuanian President Gitanas Nauseda called on the rest of the EU to follow the Baltic example.

"From this month on - no more Russian gas in Lithuania," he said on Twitter.

"Years ago my country made decisions that today allow us with no pain to break energy ties with the aggressor," he added.

"If we can do it, the rest of Europe can do it too!"



Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.