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On August 9th, Cypriot Energy Minister Michael Damianos stated in an interview with US media that Cyprus is expected to begin supplying natural gas from the Eastern Mediterranean to Europe as early as March 2028. Damianos told the Associated Press that the Ukraine crisis and the Middle East conflict have destabilized global energy markets, prompting European countries to diversify their energy sources, and offshore gas fields in the Eastern Mediterranean are increasingly becoming an alternative supply route.On August 9th, a Reuters poll of economists predicted that the U.S. overall CPI annual rate would fall to 3.4% in July from 3.5% in June, while the core CPI annual rate would fall to 2.5% from 2.6% in the previous month. Economists at Citigroup believe that, as expected, if inflation readings soften for the second consecutive month, it would mean that more than one months data points to easing inflationary pressures, essentially ruling out a September rate hike. However, economists also expect core services inflation to rise slightly in July, with prices increasing by 0.3% month-on-month. This figure was flat in May and June. Bank of America analysts stated that the rebound in core services indicators may keep a September rate hike on the table. Analyst Kate Duguid said that if the latter view prevails, and inflation data is lower than expected, then the Feds rate hike may be postponed until December or later.According to Sky News: Yemeni sources say the Houthi rebels fourth wave of missile and drone attacks targeted government positions in the port of Mocha and its outskirts.According to the Syrian state news agency, the Syrian Foreign Ministry stated that Syria and Russia will begin restructuring Russias presence along the Syrian coast within the framework of a memorandum.Hamas senior official Bassem Naim: It is expected that mediators and the United States will pressure Israeli Prime Minister Netanyahu and his government to adhere to the roadmap.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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