Russia Oil Production

LONDON (Reuters) -Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.

The government is exploring a payment mechanism for the import of oil from Russia in view of the sanctions imposed by the US and European countries following Moscow's attack on Ukraine.

The official also said India was increasing its dependence on coal due to surging power demand, adding that state-run Coal India will produce more coal in the coming months.

Elizabeth Rosenberg, the assistant secretary for Terrorist Financing and Financial Crimes, will visit New Delhi and Mumbai through Thursday, a Treasury spokesperson said

Gazprom Export has demanded that European countries pay for Russian gas supplies in roubles because of sanctions imposed over Moscow's invasion of Ukraine, but Finland refuses to do so

Russia to halt gas flows to Finland on Saturday following the latter's intent and application to NATO membership which has ignited political rivalry between both countries

Saudi shipments amounted to 8.93 million tonnes last month, equivalent to 2.17 million barrels per day (bpd), according to data from the Chinese General Administration of Customs

The European Commission on Wednesday unveiled a 210 billion euro ($220 billion) plan for Europe to end its reliance on Russian fossil fuels by 2027

The EU's executive arm moved Wednesday to jump-start plans for the 27-nation bloc to abandon Russian energy amid the Kremlin's war in Ukraine, proposing a nearly 300 billion-euro ($315 billion)

While Europeans bask in the warmth of spring, governments are in a race against winter.

The German government's new plan seeks to encourage all segments of society to use energy more efficiently in order to reduce the country's dependence on Russian fossil fuels by next winter.

LONDON (Reuters) - Oil hit its highest in seven weeks on Tuesday, supported by the European Union's ongoing push for a ban on Russian oil imports that would tighten supply and as investors focused on higher demand from an easing of China's COVID lockdowns.

Russia's share in India's oil purchases rose to a record 6%, about 277,000 barrels per day (bpd) in April, up from about 66,000 bpd in March, when it was in 10th position

Natural gas prices rose Friday after Russian state-owned exporter Gazprom said it would no longer send supplies to Europe, citing new sanctions that Moscow imposed on European energy companies.

Italy will face short-term energy supply problems if Russia opts to cut gas sales to the country, Italian Ecological Transition Minister Roberto Cingolani has said.

Russia's Rosneft sold 700,000 tonnes of Urals oil loading from Baltic ports of Primorsk and Ust-Luga in May to Indian Oil Corp (IOC), the country's top refiner

The European Biogas Association says the European Union could quickly scale up the production of bio-methane, which is pumped into natural gas networks

Because the economics and logistics don't work out for Indian refiners to accept larger volumes

The sanctions proposal, which was announced by European Commission President Ursula von der Leyen and needs unanimous backing by the 27 EU countries to take effect

Germany's dependency on Russian oil is currently 15 percent, said President Frank Walter Steinmeier on Wednesday