CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

G7 Demands Further Reduction in Russian Gas Dependence: Montel

NATGAS
Energy BulletsCommodities

The G7 has called for a further reduction of Russian gas imports, saying any limitation on the nation’s earnings from energy exports would be supportive of Ukraine, according to Montel.

  • “We recognise restricting Russian energy revenues is an essential part of our support to Ukraine and are pursuing to end significant dependency on and to work on transitioning away from imports of Russian gas as soon as possible,” the group said in a joint statement.
  • “It's a sensible strategy and two years ago we would never have hoped to be in such a good position today,” Matteo Villa, analyst at think tank ISPI, told Montel.
  • This is because gas prices are almost back to pre-invasion levels and dependence on Russian gas has declined from 50% to less than 15%.
  • Nevertheless, he added that much needs to still be done to replace Russian LNG imports with supplies from elsewhere.
  • Meanwhile, the current strategy risks locking in too much natural gas investment, he said.
162 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The G7 has called for a further reduction of Russian gas imports, saying any limitation on the nation’s earnings from energy exports would be supportive of Ukraine, according to Montel.

  • “We recognise restricting Russian energy revenues is an essential part of our support to Ukraine and are pursuing to end significant dependency on and to work on transitioning away from imports of Russian gas as soon as possible,” the group said in a joint statement.
  • “It's a sensible strategy and two years ago we would never have hoped to be in such a good position today,” Matteo Villa, analyst at think tank ISPI, told Montel.
  • This is because gas prices are almost back to pre-invasion levels and dependence on Russian gas has declined from 50% to less than 15%.
  • Nevertheless, he added that much needs to still be done to replace Russian LNG imports with supplies from elsewhere.
  • Meanwhile, the current strategy risks locking in too much natural gas investment, he said.