TELL - Europe raising the stakes on Russian energy exports as global markets tighten

The European Commission will present a plan later this month to replace two thirds of Russian natural gas imports by year end, according to statements from the bloc's Energy Policy Chief Kadri Simson Tuesday. Separately, the Commission is set to present a proposal to ban Russian oil imports as soon as Tuesday; however, Hungary's foreign minister has said, "currently, it is physically impossible to operate Hungary without crude oil from Russia" indicating that Hungary will not support the embargo. Earlier Tuesday, BP (BP) CEO Looney estimated that 1mb/d of Russian oil is currently cut off from global markets, further estimating the number will rise to 2mb/d as existing sanctions take effect, then going on to say "and obviously, if there is further sanctions, we shall see." On the gas side, Tellurian (TELL) is in pole position to sign the long-term contracts needed to get its Driftwood LNG project off the

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Europe raising the stakes on Russian energy exports as global markets tighten