Tausi Insider

An oil platform in the Baltic Sea, Russia, on Sept. 16, 2021. VITALY NEVAR/Reuters Russia may cut oil output by 5 per cent-7 per cent in early 2023, as it responds to price caps on its crude and refined products, and halt sales to the countries that support them, Deputy Prime Minister Alexander Novak told state television on Friday. Detailing for the first time the Russian response to the price caps introduced by the West over Moscow’s invasion of Ukraine, Novak said the cuts could reach 500,000-700,000 barrels per day (bpd). He also said that despite Europe’s efforts to cut reliance on Russian oil and gas, energy exports from Russia are in demand worldwide and Moscow has been diversifying its buyers. Novak said it would be difficult to provide for global economic development without Russian energy, and predicted possible gas shortages in Europe, which has introduced restrictions on gas prices, as well as on oil. On oil, the European Union, G7 nations and Australia introduced a $60 p...

An explosion occurred Friday in a gas pipeline in central Lithuania, officials said. Baltic media reported that it caused no injuries but sent flames up to 50 meters (164 feet) high and forced the protective evacuation of a nearby village. The operator of Lithuania’s natural gas transmission system, AB Amber Grid, said there are two parallel pipelines, and “initial data indicate that the explosion occurred in one of them. The other pipeline was not damaged” The gas supply through the damaged pipeline in the Pasvalys area was immediately interrupted. “We immediately started to investigate the circumstances of the incident and ensure gas supply to consumers,” Nemunas Biknius, Amber Grid CEO said in a statement. He said the government had been informed. Lithuanian broadcaster LRT said the village of Valakeliai, with about 250 inhabitants, was being evacuated as a precaution. According to the Baltic News Service, the pipeline carries natural gas from Klaipeda in Lithuania to Latvia. Klai...