<\/p>\nListen to this article<\/span>\u00a0|\u00a0<\/span>4 mins<\/span><\/p>\n<\/button>info<\/title><path class=\"icon-main-color\" d=\"M12 0a12 12 0 1 0 0 24 12 12 0 0 0 0-24Zm-.226 3.225a2.039 2.039 0 0 1 2.155 1.924v.193a1.998 1.998 0 0 1-2.155 2.149 2.029 2.029 0 0 1-2.146-2.15 2.039 2.039 0 0 1 1.955-2.122h.193l-.002.006Zm3.227 15.525a.75.75 0 0 1-.752.75H9.75a.75.75 0 0 1-.75-.75v-1.5a.75.75 0 0 1 .752-.75h.748V12h-.75a.75.75 0 0 1-.75-.75v-1.5a.75.75 0 0 1 .752-.751h3a.75.75 0 0 1 .75.752v6.75h.75a.75.75 0 0 1 .75.749L15 18.75Z\"\/><\/svg><\/button><\/div>\n<div aria-live=\"polite\" aria-atomic=\"true\">\n<p>The Kremlin has said the United States-Israeli war on Iran had prompted \u201ca significant increase in demand\u201d for Russian energy products, a day after the \u2060US Treasury issued a 30-day waiver allowing India to buy Russian oil currently stuck at sea.<\/p>\n<p>The conflict, which entered its seventh day on Friday, has left the Strait \u200cof Hormuz, a critical shipping passage, all but shut, with countries around the world scrambling as they are cut off from a fifth of global oil and liquefied natural gas supplies.<\/p>\n<section class=\"more-on\">\n<h2 class=\"more-on__heading\">Recommended Stories<!-- --> <\/h2>\n<p><span class=\"screen-reader-text\">list of 4 items<\/span><span class=\"screen-reader-text\">end of list<\/span><\/section>\n<p>Russia, mired in its own war launched in Ukraine more than four years ago, may yet stealthily benefit from this new sprawling war in the Middle East.<\/p>\n<p>Kremlin spokesman Dmitry Peskov told reporters on Friday that Russia has been and remains a reliable supplier of oil \u2060and gas, via pipelines and \u2060in liquefied form.<\/p>\n<p>\u201cWe are seeing a significant increase in demand for Russian energy resources in connection with the war in Iran. Russia \u2060has been and remains a reliable supplier of both oil and gas \u2013 including \u2060pipeline gas and liquefied natural \u2060gas,\u201d Peskov told reporters.<\/p>\n<p>\u201cIt also remains capable of guaranteeing the continuity of all deliveries for which contracts have been concluded,\u201d he added.<\/p>\n<p>Peskov declined to disclose \u200cpossible volumes of Russian oil supplies to India following Washington\u2019s waiver, which followed months of US pressure and the imposition of severe tariffs on \u200cthe South Asian nation not to buy Russian oil.<\/p>\n<h2 id=\"wrong-to-return-to-reliance-on-russia\">Wrong to return to reliance on Russia<\/h2>\n<p>Also on Friday, \u2060International Energy Agency Executive Director Fatih Birol suggested that looking to Russia for gas supplies will be \u2060economically and politically wrong.<\/p>\n<p>\u201cThe current crisis in the Middle East has led \u2060to questions in some quarters about whether to go back to Russia or not,\u201d Birol told reporters following a meeting of European Commission President Ursula von der Leyen and European Union commissioners on global energy markets.<\/p>\n<p>The \u200cEU is under mounting pressure from industries and governments to step in to try to curb high energy prices. Von der Leyen has promised to draw up options for EU leaders to consider at a summit later this month.<\/p>\n<p>\u201cOne of Europe\u2019s historical mistakes was the overreliance of its energy sources \u2060on one single country, Russia,\u201d the IEA chief \u2060said.<\/p>\n<p>On oil, Birol claimed there was \u201clogistical disruption\u201d from the war, but there was \u201cplenty of oil\u201d in the global market.<\/p>\n<p>Meanwhile, Qatar\u2019s Energy Minister Saad al-Kaabi told The Financial Times newspaper in an interview published on Friday that he anticipates all Gulf energy producers to shut down exports within weeks if \u2060the Iran conflict continues \u2060and drives oil to $150 a barrel.<\/p>\n<p>Qatar halted \u2060its production of liquefied natural gas on Monday, as Iran continued to strike Gulf countries in retaliation for Israeli and US attacks. The country\u2019s LNG production is equivalent \u2060to about 20 percent of global supply and plays a key role in balancing Asian and European markets\u2019 demand for the fuel.<\/p>\n<p>\u201cEverybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters \u200cin the Gulf region will have to call force majeure,\u201d al-Kaabi told the FT. \u201cIf this war continues for a few weeks, GDP growth around the world will be impacted,\u201d he said.<\/p>\n<p>\u201cEverybody\u2019s energy price is going to go higher. There will be shortages of some products and there will be a chain reaction of factories that cannot supply,\u201d Kaabi said.<\/p>\n<p>Kaabi said even if the war ended \u2060immediately, it would take Qatar \u201cweeks to months\u201d to return to \u2060a normal cycle of deliveries.<\/p>\n<p>He forecast that crude prices could hit $150 a barrel in two to three weeks \u200cif ships and tankers were unable to pass through the Strait of Hormuz. Kaabi also anticipates gas prices to rise to $40 per million British thermal units.<\/p>\n<p>On Friday, benchmark US crude surged 4.1 percent to $84.36 per barrel. Brent crude, the international standard, gained 1.7 percent to $87 per barrel. It was trading near its highest level since April 2024.<\/p>\n<\/div>\n<p><br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>International Energy Agency warns against a politically and economically wrong return to reliance on Russian energy. Listen to this article\u00a0|\u00a04 mins info The Kremlin has said the United States-Israeli war on Iran had prompted \u201ca significant increase in demand\u201d for Russian energy products, a day after the \u2060US Treasury issued a 30-day waiver allowing India […]<\/p>\n","protected":false},"author":1,"featured_media":14128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-14127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-europe-news"],"_links":{"self":[{"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/posts\/14127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14127"}],"version-history":[{"count":0,"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/posts\/14127\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/media\/14128"}],"wp:attachment":[{"href":"https:\/\/inernews.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}