EU Energy Dependence

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D5CAV
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Re: EU Energy Dependence

Post by D5CAV »

Mike Shedlock's take: https://mishtalk.com/economics/putin-wi ... -sanctions

So, what's the impact of those punishing sanctions on Russia?
Bloomberg Economics expects Russia will earn nearly $321 billion from energy exports this year, an increase of more than a third from 2021. It’s also on track for a record current-account surplus that the Institute of International Finance says may reach as high as $240 billion.
So much for sanctions when you actually have stuff other people need.

But it's nice to know us.gov doesn't have a monopoly on stupid politicians. EU has some real morons. Our very own Kamala is a rocket scientist next to EU's Ursula:
European Commission President Ursula von der Leyen said the EU is proposing to ban most Russian ships and trucks from entering the bloc, as well as Russian coal imports. The EU will also push ahead with a debate on targeting Russian oil, she said -- a sensitive issue in Europe, where many countries are dependent on Russian fuel imports.
Yeah, I agree with Mish, not gonna happen...
Germany would not agree to halt energy imports. Now would Hungary. I am unsure is any EU nation would in practice.
This cartoon sums up EU's "punishment" of Russia:
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None are more hopelessly enslaved than those who falsely believe they are free.” Johann Wolfgang von Goethe
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HTRN
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Re: EU Energy Dependence

Post by HTRN »

And they can't get rid of their nuke plants fast enough.. :roll:
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Vonz90
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Re: EU Energy Dependence

Post by Vonz90 »

HTRN wrote: Thu Apr 07, 2022 10:37 pm And they can't get rid of their nuke plants fast enough.. :roll:
True of Germany but not the others.
Cobar
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Re: EU Energy Dependence

Post by Cobar »

Read somewhere that Norway, even with all their oil, just fired up a new nuke plant.
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D5CAV
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Re: EU Energy Dependence

Post by D5CAV »

On the plus side, oil prices are up, so oil companies should be realizing record profits.

On the minus side, many of these oil companies are backing out of Russian and writing down big projects: https://oilprice.com/Energy/Crude-Oil/W ... ussia.html
The war in Ukraine has sparked an exodus from Russia, and some of the biggest oil companies in the world are writing down billions of dollars in assets.
Yeah, I'm pretty sure SINOPEC will be ready to take Rosneft off BP's books at a fire-sale price. SINOPEC won't have much trouble getting a few billions of Euros from Bank of China.
One of BP’s crown jewels has been its ~20% stake in Rosneft, the Russian oil giant. As of the most recent reporting period, at 1,111 mboepd Rosneft contributed about half again the 2,332 mboepd reported as standalone BP in Q-4 for FY-21. In other words, BP just lost 32% of its daily output. Rosneft also contributed the largest portion of BP’s Replacement Cost Profit-a Net Income equivalent metric.
Shell has less exposure than BP, but it's best performing assets are Russian.
The company is a partner in the much-discussed Nord Stream II gas pipeline, among other projects. So far it has announced about $3.5 bn in write-downs from Russian assets.
I doubt China wants a stake in a supply network from Russia to Europe. Maybe the House of Saud will pick this up for cheap.
None are more hopelessly enslaved than those who falsely believe they are free.” Johann Wolfgang von Goethe
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