Russia has substantial scope to boost Europe's gas supplies and alleviate the energy crisis in Europe and the UK, according to Fatih Birol, the head of the International Energy Agency.
Mr Birol said Russia has the capacity to send substantially more gas to Europe, with his intervention strengthening claims the country is withholding crucial supplies.
Mr Birol was referring to President Vladmir Putin’s suggestion on Wednesday that he would boost shipments to the continent.
“If Russia does what it indicated yesterday and increases the volumes to Europe, this would have a calming effect on the market,” Mr Birol told the Financial Times. “I don’t say they will do it but if they wish so, they have the capacity to do it.”
Mr Birol urged Russia to prove it is a “reliable supplier” by delivering on its suggestion, in turn easing a supply crunch that has sent energy prices soaring and threatened the global recovery from the Covid-19 pandemic.
Europe’s soaring gas prices dropped on Thursday following Mr Putin’s suggestion that his country could sell more gas to European spot buyers via its domestic market, in addition to existing long-term contracts.
Rapidly growing demand amid the global economic recovery from the pandemic has driven Europe’s rising gas prices, along with a cold winter and less power generation by alternative sources, Mr Putin said, during a government meeting on energy issues.
However, the Russian leader said the EU’s efforts to switch from long-term supply contracts to spot trading in gas played a key role.
“I would like to underline that the situation in the European energy markets is a bright example of the inadmissibility of hasty and politically-motivated moves in any sphere, particularly in energy issues that determine stability of industries and welfare and life quality of millions of people,” Mr Putin said.
UK wholesale gas prices rose 37 per cent in 24 hours to trade at £4 ($5.4) per therm on Wednesday, up sharply from £0.60 at the start of the year. The high cost of wholesale gas has caused several UK energy firms to collapse and seen production halted across a number of sectors.
“There are increasingly concerns that the UK is being caught in an inflationary spiral, with little end in sight for soaring prices,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
“President Putin may have promised to plug some shortfalls in the supply of gas, but the lack of LNG storage facilities amid high demand from Asia, and warnings of a cold winter to come, are likely to see further price spikes.”
The IEA first said last month that Russia could boost its supplies to Europe, without being more specific.
Russian Deputy Prime Minister Alexander Novak said on Wednesday that starting operations on the new Nord Stream 2 pipeline — intended to take Russian gas to Germany — would quickly stabilise European energy markets, a statement considered by some in Europe as an attempt to encourage regulators to certify the new pipeline faster.
The line, which runs through the Baltic Sea, will bypass Ukraine, which has been engaged in a war with Russia since 2014.
On Thursday, the Kremlin said Russia has the potential to boost natural gas supplies to Europe, with spokesman Dmitry Peskov saying existing gas transit routes allow for bolstering supplies before the new Nord Stream 2 pipeline starts operating
“There is a potential,” Mr Peskov said. “It all depends on demand, contractual obligations and commercial agreements.”
Fawad Razaqzada, market analyst at Think Markets, said Russia’s offer to ease Europe’s energy crunch was the biggest talking point in the markets on Thursday, as gas prices fell.
“Russia wants to get the ball rolling on its controversial Nord Stream 2 natural gas pipeline, which according to Deputy Prime Minister Alexander Novak would be one way to solve Europe’s energy crisis. Although it remains uncertain whether Russia will be granted the approval, investors know the pressure is growing on European leaders to do something about surging energy prices — and fast,” Mr Razaqzada said.
However, Mr Birol said Russia was not the only factor in Europe’s energy crisis, with the rapid recovery from pandemic lockdowns, extended maintenance on certain projects and the weather also contributing factors.
He added that governments should do more to protect consumers from rising prices, and the problem could also accelerate the transition away from fossil fuels.
“Very clearly the gas market is not getting good marks from consumers around the world. It has been presented globally as a clean reliable source to complement the energy transition, but it may be casting a shadow on this image,” Mr Birol said.
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
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Killing of Qassem Suleimani
RESULTS
2pm: Handicap (PA) Dh 40,000 (Dirt) 1,200m
Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
Winner: Ashjaan, Fabrice Veron, Eric Lemartinel.
3pm: Maiden (PA) Dh 40,000 (D) 1,700m
Winner: Amirah, Conner Beasley, Ali Rashid Al Raihe.
3.30pm: Handicap (PA) Dh 40,000 (D) 1,700m
Winner: Jap Al Yaasoob, Szczepan Mazur, Irfan Ellahi.
4pm: Sheikh Mansour bin Zayed Al Nahyan Cup Prestige Handicap (PA) Dh 100,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
Killing of Qassem Suleimani
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Premier League results
Saturday
Tottenham Hotspur 1 Arsenal 1
Bournemouth 0 Manchester City 1
Brighton & Hove Albion 1 Huddersfield Town 0
Burnley 1 Crystal Palace 3
Manchester United 3 Southampton 2
Wolverhampton Wanderers 2 Cardiff City 0
West Ham United 2 Newcastle United 0
Sunday
Watford 2 Leicester City 1
Fulham 1 Chelsea 2
Everton 0 Liverpool 0
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
