Nigeria oil sector outlook
30 January 2018 | 2:04 pm
Temilade Aduroja, SSA Analyst at Renaissance Capital joins CNBC Africa for a focus on Nigeria's oil sector.
The European bloc is moving closer to banning Russian oil with Germany changing course to support the embargo. But many questions remain open.
As EU member states push for a Russian oil embargo, Germany's PCK Schwedt refinery is facing an uncertain future. It runs wholly on Russian imports, and many locals aren't so sure alternatives can be found in time.
The 27 EU member states are deliberating a gradual ban on Russian oil imports. Some countries, such as Hungary, Slovakia and Cyprus, are concerned about the repercussions of such a move on their economies.
Hungary's government is "holding European Union decision makers hostage" by refusing to join an EU-wide embargo on Russian oil, according to Lithuania's foreign minister. This comes as EU leaders continue their efforts to gather support for a sixth sanctions package on Russia from all 27 EU member states. The government of PM Viktor Orban has claimed that an import ban on Russian oil would ruin the Hungarian economy. Lithuania's Foreign Minister Gabrielius Landsbergis tells FRANCE 24 that "Europe is weaker" as a result, and that he is "still hoping Budapest will be responsible in their decisions".
Russia's president has said banning oil imports from his country would be impossible for some dependent European states, after the EU failed to reach consensus to impose the measure.
Where do you get oil and gas if you want to end dependence on Russia? Germany imported more than 500,000 barrels of crude oil from Russia every day in 2020. In theory, Iran could step in. But it's complicated.
German Economy Minister said the EU was close to finally agreeing on a ban on Russian oil imports as the war in Ukraine enters the fourth month.
As the World Economic Forum in Davos draws to a close, Business Editor Kate Moody gives us an update on the final day's agenda. The war in Ukraine and global food and energy security dominated discussions throughout the event. The head of the International Energy Agency (IEA), Fatih Birol, has told FRANCE 24 that it will be very difficult for Europe to move away from Russian gas because of its over-reliance on the country's supplies over the years.
The Czech Republic and Slovakia rely heavily on Russian gas imports. Now, the Ukraine war and skyrocketing gas costs have forced both countries to consider other energy sources.
A decree signed by Russian President Vladimir Putin stipulates that Western countries must start paying for gas through a Russian bank that will transfer foreign currency into rubles.
In the week that EU leaders agreed on a sixth round of sanctions against Russia, Polish Under-Secretary of State for Foreign Affairs Pawel Jablonski speaks to FRANCE 24 about the effect he hopes the measures will have on the Russian economy, his disappointment at the Hungarian government's stance regarding sanctions and the latest developments in Poland's rule of law dispute with the European Commission.
The German government is planning to expand the powers of its antitrust authorities. The move comes after recent measures to compensate for rising gasoline prices have turned into a profit windfall for oil companies.
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