Editors: Tom Whipple, Steve Andrews

Quotes of the Week

“I have taken a decision to switch to ruble payments for our natural gas supplies to the so-called hostile states.” Russian President Vladimir Putin
“Nobody will pay in rubles.” Slovenian Prime Minister Janez Jansa
“There are fixed contracts everywhere, with the currency in which the deliveries are to be paid to be part of these contracts. In most cases it says euros or dollars, this is the basis we are working on.”  German Chancellor Olaf

Graphic of the Week

Headlines for the week of March 21-27 

The Global Energy Situation

The future of energy will require bigger sacrifice from citizens
Top oil traders warn prices could breach $200 a barrel


Russia’s Gazprom says gas shipments via Ukraine to Europe continue
Russia warns West: gas bills in rubles are just days away 
The world’s biggest oilfield contractors are quitting future Russia work


As sanctions bite Russia, fertilizer shortage imperils world food supply
German coalition agrees on package to offset rising energy costs
EU clinches U.S. LNG deal, brushes off Russian ruble demand
Europe gas drops to lowest since March 1 as Russia flows steady
UK looks to North Sea oil and gas in race to secure domestic energy supplies
Russia’s Gazprom continues exporting gas to Europe via Ukraine
Coal to help solve EU energy crisis as trade patterns shift: shippers
EU intake of Russian gas remains high amid lower wind output
Here’s how Putin’s demand for ruble payments for gas could play out.
European gas falls as U.S. agrees deal to replace Russian supply
German ministry wants to halve dependence on Russian oil by summer

North America

US to boost gas deliveries to Europe amid scramble for new supplies
US oil production recovery speeds up
Ample Canadian crude pipeline, rail export capacity exists if output rises
NYMEX gas futures top $5/MMBtu in sweeping rise as supply concerns mount
Wintry weather extends US gas storage withdrawal season, lifting NYMEX futures

Middle East-North Africa-Central Asia

U.S. refiners turn to Middle East for fuel oil after Russia import ban
Export bottlenecks limit Iraq’s oil production potential
Iran oil minister says aiming for 1.4 million bpd crude exports
Iran prepares to ramp up oil production to 4 million Bpd
Saudi Aramco raises 2022 capex guidance to $40-$50 billion
Yemen Houthis attack Saudi energy facilities, refinery output hit
Iran nuclear deal’s final hurdle is lifting terrorism sanctions on Revolutionary Guards
UAE fast-tracks goal to reach 5 million Bpd production capacity
Storm brews over Kazakh oil as Russia cites port damage
Kazakh’s CPC pipeline shutdown could last for months
Kazakh oil woes another headache for top Western producers amid Ukraine war


China’s Sinopec pauses Russia projects, Beijing wary of sanctions
China’s seaborne thermal coal demand seen set to rebound on summer stockpiling, rail maintenance
Pressed to choose sides on Ukraine, China trade favors the West
Low-priced Russian Urals crude cargoes attract Chinese buyers for June deliveries


Nigeria: $3.27bn lost to oil thieves in 14 months, govt cries out

The Global Economy

Ukraine war and pandemic force nations to retreat from globalization
Ukraine war’s spillover swamps poor countries still reeling from pandemic


EU reviews sustainable food plans as Ukraine war disrupts imports
War in Ukraine is already taking its toll on global food supplies
U.S. food and farming costs could be pushed higher by war in Ukraine
Food security panics governments as Ukraine war blocks supplies
As sanctions bite Russia, fertilizer shortage imperils world food supply
We’re seeing a historic disruption of the world’s wheat supply


Sanctions pushing Russia towards economic catastrophe, U.K. says
Russia seen on course for deep two-year recession, 20% inflation
The unpredictable risks of a new Russian debt crisis
‘Grand Theft Aero’: Russia’s $10bn plane grab signals losses for lessors
Wall Street Is scrambling for the exits in Moscow — and billions are at stake

North America

The U.S. dollar’s dominance Is being stealthily eroded
Experts worry about how U.S. will see next COVID surge coming
U.S. to welcome up to 100,000 Ukrainians fleeing war amid broader aid effort


German industry powerhouse shaken to core by war in Ukraine
Europe struggles to meet mounting needs of Ukraine’s fleeing millions
U.K. inflation hits another 30-year high: the London Rush
Germany says it has clinched long-term gas supply deal with Qatar


China economy faces worst slowdown since pandemic, Nomura says
China looks to salvage relationship with Europe
COVID lockdowns in China dampen oil demand outlook
China says it will offer 10 million yuan more of humanitarian aid to Ukraine
Russia’s invasion of Ukraine sparks fierce debate in China
Geely questions future in Russia despite opening for China’s carmakers
War complicates Russia’s role in supplying commodities to China
China is quietly taking cheap Russian crude as India buys more
China-Europe rail lines become supply chain’s latest problem

Latin America

Chevron, waiting it out in Venezuela, tells U.S. now is the time to pump oil
Argentina’s largest gas transporter adding capacity from Vaca Muerta shale play

Global Warming

Every country is flunking WHO Air Quality Standard: report
Thinning Antarctic ice shelf finally crumbles after heatwave

North America

Powerful clouds of methane spotted in Alabama coal country
Methane leaks plague New Mexico oil and gas wells
Texas wildfire kills 1, as officials worry extreme drought could worsen conditions
California’s plan for $400 gas rebate criticized for undermining climate goals


Analysis: Climate goals take second place as EU states cut petrol prices by lowering taxes
London pollution worse than Beijing as Mayor extends alert
Dutch bank ING ends financing for new oil and gas projects