Amber Bantz

Market Update: Oil and Gas - August 2017

Blog Post created by Amber Bantz on Aug 22, 2017

US Sanctions on the Russian Energy Industry

US expanded sanctions in relation to the Russian energy industry. This in substance involves participating or assisting with new energy projects, the most notable one being North Stream 2, a parallel pipeline for additional Russian exports to Germany with a an additional projected capacity of 55 billion cubic meters.

The European leadership generally disapproved of new US sanctions. The European courts meanwhile upheld Gazprom's rights to take up additional spare capacity in an OPAL pipeline, which is a land extension of the existing North Stream 1 underwater pipeline allowing Gazprom to increase direct exports to Germany bypassing transit countries by pumping at close to maximum capacity of 55 billion cm per year.

Read the full report now.