Russie

Investors hold 28.9 million EUAs net long as of August 8, four-month record level. Prices stable around 71 euros despite divergent fundamentals.
A Dragos report reveals the scale of cyber vulnerabilities in global energy infrastructures. Potential losses reach historic highs.

Moscow develops Arctic turbines for the Northern Sea Route

The Russian Ministry of Industry and Trade is announcing "Arctic configuration" wind generators to power infrastructure on the Northern Sea Route, without listing any companies at this stage, with the stated aim of technological sovereignty.
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OPEC's August report reveals Russian production above quotas and commercial dominance in Asia, while Kazakhstan massively exceeds its reduction commitments.
The Canadian government adopts a new dynamic cap of $47.60 per barrel for Russian oil, aligning its position with that of the European Union and the United Kingdom.

The Black Sea Defies Financial Obstacles to Become Europe’s Gas Hub

Giant discoveries are transforming the Black Sea into an alternative to Russian gas, despite colossal technical challenges related to hydrogen sulfide and Ukrainian geopolitical tensions.
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Revenues generated by oil and gas in Russia recorded a significant decrease in July, putting direct pressure on the country’s budget balance according to official figures.
Belarus offers its expertise to support the construction of Uzbekistan’s first nuclear power plant, as Tashkent accelerates its civil energy projects with new international partnerships.

Indonesia finalises free trade agreement with Eurasian Economic Union for December

A free trade agreement between Indonesia and the Eurasian Economic Union is set to be signed in December, aiming to reduce tariffs on $3 bn worth of trade and boost bilateral commerce in the coming years.
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The visit of India's national security adviser to Moscow comes as the United States threatens to raise tariffs on New Delhi due to India’s continued purchases of Russian oil.
KazMunayGas has completed its first delivery of 85,000 tonnes of crude oil to Hungary, using maritime transport through the Croatian port of Omisalj as part of a broader export strategy to the European Union.

The United States speeds up lunar nuclear reactor project amid international competition

Nasa has launched a call for tenders for a nuclear reactor on the Moon by 2030, aiming to support American ambitions for a permanent base, despite budget uncertainties and mounting pressure from China and Russia.
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Eight OPEC+ countries boost output by 547,000 barrels per day in September, completing their increase program twelve months early as Chinese demand plateaus.
New Delhi calls US sanctions unjustified and denounces double standard as Trump threatens to substantially increase tariffs.

Explosions near Zaporizhzhia nuclear power plant rekindle security concerns

Explosions were heard near the Zaporizhzhia nuclear power plant, still under Russian military control, raising fresh concerns over the safety of the site and the Ukrainian energy sector.
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Tanzania, together with Russia, is starting construction of a uranium plant in Namtumbo for $1.2bn, aiming to boost mining revenues and secure a place in the global nuclear industry.
Faced with falling discounts on Russian oil, Indian Oil Corp is purchasing large volumes from the United States, Canada and Abu Dhabi for September, shifting its usual sourcing strategy.

OPEC+ increases production by 547,000 barrels as non-OPEC supply explodes

The eight voluntary OPEC+ members accelerate their market return in September despite weakened global demand and record production from the Americas.
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Facing US secondary sanctions threats, Indian refiners slow Russian crude purchases while exploring costly alternatives, revealing complex energy security challenges.
A fire broke out at a Sotchi oil depot after an attack by Ukrainian drones, causing no casualties but temporarily disrupting air traffic and mobilising significant emergency resources.
French gas stocks have reached 90%, guaranteeing stability for the winter of 2024 despite the cessation of Russian transit via Ukraine.
Saudi Arabia plans to increase its crude oil supply to China to 46 million barrels in October, following a price cut for Asia, according to trade sources.

U.S. gasoline prices to fall below $3/gallon by November

US gasoline prices are expected to fall below $3/gallon by the end of October, potentially influencing voters' choices in the run-up to the presidential elections.
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The South Korean government validates the construction of two nuclear reactors at Uljin, marking a major strategic shift in its energy policy.
Faced with Western sanctions, Russia could limit its exports of strategic metals such as uranium, titanium and nickel, directly impacting global markets and supply chains.

Rising carbon prices in regulated markets, vagueness on voluntary markets

Regulated carbon markets saw their prices rise in August, while the voluntary market faced difficulties linked to the quality of credits and a lack of liquidity.
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Despite Western sanctions, Iran plans to increase its petrochemical exports in 2024-2025, bypassing restrictions through strategic partnerships with Russia and other markets.
London imposes new sanctions on ten Russian vessels operating under flags of convenience to circumvent Western oil restrictions, intensifying economic pressure on Moscow.

OPEC cuts demand forecasts in the face of rising rival production

OPEC is revising its oil demand forecasts for 2024 and 2025 downwards, due to weak economic growth and increased supply from its competitors.
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Faced with Russian attacks on its energy infrastructure, Ukraine is strengthening its defenses and seeking more support from its international partners.
The expansion of coal mines in China could compromise its climate targets and increase methane emissions, warns a study by Global Energy Monitor (GEM).

Lukoil to resume exports via the Druzhba pipeline in October

Lukoil resumes oil exports via the Druzhba pipeline to Slovakia and Hungary after concluding transit agreements with MOL, bypassing Kyiv's sanctions.
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Spot prices for liquefied natural gas in Europe are in difficulty compared with long-term oil-indexed contracts, due to persistently low crude oil prices and winter uncertainties.
Despite international reduction commitments, methane emissions are rising at a record pace, posing major risks for global climate and energy policies.

Uzbekistan processes Afghan crude: strategic energy cooperation

Uzbek refiner Saneg begins processing Afghan crude oil at its Fergana refinery, a move designed to alleviate Afghanistan's energy shortages under Taliban rule.
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Tepco initiates a new attempt to remove radioactive debris from Fukushima, a major step in the complex process of dismantling the nuclear power plant, more than ten years after the 2011 accident.
The Draghi report calls for a more coordinated EU gas purchasing strategy to reduce exposure to spot prices and curb speculation on gas markets.

Russia: oil and gas revenue forecasts revised upwards

The Russian Ministry of the Economy forecasts $239.7 billion in revenues from oil and gas exports in 2024, up $17.4 billion on previous estimates.
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Following sanctions on Lukoil, Slovakia and Hungary are increasing their imports of Tatneft crude via the Druzhba pipeline, underlining the complexity of energy security in Central Europe.
Re-elected with 95% of the vote, Abdelmadjid Tebboune is strengthening his strategic alliances with Russia and Italy, and stepping up investment in gas, nuclear and renewable energies. But this approach raises questions about economic sustainability and the risks of dependency.
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