European Commission President Jean-Claude Juncker has insisted the $40 billion South Stream natural gas pipeline can still go ahead and accused Russia of holding EU-member Bulgaria to ransom when it said it had abandoned the project.
Energy
Ukraine allows state firm to import power from Russia
Ukraine's government has allowed state energy company Ukrinterenergo to import electricity from Russia to cover current power shortages caused by a lack of coal, the Ukrainian energy ministry said.
Ukraine expects Russian gas supplies to resume Monday: minister
Ukraine expects Russia to resume supplies of gas from Monday after Kiev transferred a pre-payment of $378 million to Gazprom, its energy minister said on Sunday.
U.S. gasoline prices fall to four-year low: Lundberg survey
The average price of a gallon of gasoline in the United States has dropped one dollar since early May, the lowest price in more than four years, according to the Lundberg survey released Sunday.
U.S. ready to help Hungary build energy independence: diplomat
The United States is willing to help Hungary and other European countries build energy infrastructure to reduce its dependence on Russian oil and gas, U.S. Chargé d'Affaires in Budapest André Goodfriend has told Nepszava newspaper.
Latest News
Germany's cabinet on Wednesday agreed plans to cut CO2 emissions by up to 78 million tonnes by 2020, pushing operators to shut some coal-fired plants, to help Europe's biggest economy meet bold targets to fight climate change, government sources said.
Plunging oil prices sparked a drop of almost 40 percent in new well permits issued across the United States in November, in a sudden pause in the growth of the U.S. shale oil and gas boom that started around 2007.
The Federal Reserve is welcoming the sharp drop in global energy prices, with two influential policymakers on Monday cheering the boost it should provide American pocketbooks and shrugging off any pressure on already low inflation.
Russia on Monday scrapped the South Stream pipeline project to supply gas to southern Europe without crossing Ukraine, citing EU objections, and instead named Turkey as its preferred partner for an alternative pipeline, with a promise of hefty discounts.
Crude oil markets jumped as much as 5 percent on Monday, rebounding from five-year lows with their biggest daily gain since 2012, on fears that the high U.S. shale output blamed for the global oil glut may be shrinking.
Essar Group, a $39 billion Indian conglomerate, is looking to tap frozen Iranian oil revenues to pay for its steel exports to Tehran, in a novel attempt to work around Western financial sanctions against the OPEC member state.
Russia's most powerful oil official Igor Sechin said in an interview with an Austrian newspaper that oil prices could fall below $60 by mid-way through next year.
Barack Obama last year told a cheering crowd in Cape Town that a $7 billion plan to "Power Africa" would double electricity output on the world's poorest continent and bring "light where currently there is darkness".
Saudi Arabia's oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.
