This article is from the source 'bbc' and was first published or seen on . The next check for changes will be

You can find the current article at its original source at https://www.bbc.co.uk/news/58888451

The article has changed 47 times. There is an RSS feed of changes available.

Version 22 Version 23
Ukraine war: How reliant is the world on Russia for oil and gas? How reliant is the world on Russia for oil and gas?
(21 days later)
Fuel prices have soared since Russia's invasion of UkraineFuel prices have soared since Russia's invasion of Ukraine
President Vladimir Putin has threatened to cut gas supplies to "unfriendly" countries if they don't start paying for gas imports in Russian roubles. The amount of Russian oil sold to other countries has fallen, although gas continues to flow into Europe.
The US, EU, and UK placed restrictions on oil and gas imports from Russia after it invaded Ukraine in February. After the invasion of Ukraine, the US, EU, and UK announced restrictions on Russian imports.
What sanctions are there on Russian oil and gas?What sanctions are there on Russian oil and gas?
The US has declared a complete ban on Russian oil, gas and coal imports.The US has declared a complete ban on Russian oil, gas and coal imports.
The UK is to phase out Russian oil by the end of the year, and the EU is reducing its Russian gas imports by two-thirds. The UK is to phase out Russian oil by the end of the year and the EU is reducing gas imports by two-thirds.
The UK government says this allows enough time for it to find alternative supplies. Russia has warned banning its oil would lead to "catastrophic consequences for the global market".
Deputy Russian Prime Minister Alexander Novak has said rejecting Russian oil would lead to "catastrophic consequences for the global market". Oil and gas prices have both risen since the invasion of Ukraine.
Oil and gas prices have risen since the invasion of Ukraine, and if Russia were to halt exports they could rise further. How much oil does Russia export?
Russia is the world's third biggest producer, behind the US and Saudi Arabia.
Of about five million barrels of crude oil it exports each day, more than half went to Europe, before sanctions were announced.
Russian imports accounted for 8% of total UK oil demand and 3% of US demand.
In early April, Russian oil production had dropped by 700,000 barrels a day, according to the International Energy Agency (IEA).
The IEA says the decline could reach 1.5 million barrels a day by the end of the April, and about three million from May.
This follows European buyers seeking alternative suppliers, and the US banning Russian oil imports altogether in early March.
Russia may try to find new markets for its oil in Asia or elsewhere, but if the drop in production continues, it could eventually impact the country's economy.
What are the alternatives to Russian oil?
Energy policy research analyst Ben McWilliams says it should be easier to find alternative suppliers for oil than for gas, because while some comes from Russia, "there's also a lot of shipments from elsewhere".
Some IEA members have released the equivalent of 120 million barrels from oil stocks - the largest stock release in its history.
US President Joe Biden ordered a major release of oil from America's reserves in an effort to bring down high fuel costs.
The US also wants Saudi Arabia to increase its oil production and is looking at relaxing sanctions on Venezuela's oil.
What would happen if Russian gas stopped flowing into Europe?What would happen if Russian gas stopped flowing into Europe?
Heating prices - which are already high - would increase even more. Supplies from Russia account for about 40% of the EU's natural gas imports. If this dried up, Italy and Germany would be especially vulnerable.
Russian gas accounts for about 40% of the EU's natural gas imports.
If this dried up, Italy and Germany would be especially vulnerable.
Europe could turn to existing gas exporters such Qatar, Algeria or Nigeria, but there are practical obstacles to quickly expanding production.Europe could turn to existing gas exporters such Qatar, Algeria or Nigeria, but there are practical obstacles to quickly expanding production.
Russia only provides about 5% of the UK's gas supplies, and the US doesn't import any Russian gas.Russia only provides about 5% of the UK's gas supplies, and the US doesn't import any Russian gas.
Gas prices in Europe, the UK (and to a lesser extent, the US) jumped significantly after the invasion, due to worries about supply shortages, although they then fell back.Gas prices in Europe, the UK (and to a lesser extent, the US) jumped significantly after the invasion, due to worries about supply shortages, although they then fell back.
Could alternatives to Russian gas be found? What about alternatives gas supplies?
The US has agreed to ship an additional 15 billion cubic metres of liquified natural gas (LNG) to Europe by the end of this year.The US has agreed to ship an additional 15 billion cubic metres of liquified natural gas (LNG) to Europe by the end of this year.
The aim is to supply 50 billion cubic metres per year of additional gas until at least 2030.The aim is to supply 50 billion cubic metres per year of additional gas until at least 2030.
But energy policy research analyst Ben McWilliams says it's not very easy to substitute the gas that flows from Russia. But Mr McWilliams says: "It's harder to substitute gas because we have these big pipes that are taking Russian gas to Europe."
"It's harder to substitute gas because we have these big pipes that are taking Russian gas to Europe," says Mr McWilliams.
Europe could also ramp up the use of other energy sources, but doing so is not quick or easy.Europe could also ramp up the use of other energy sources, but doing so is not quick or easy.
The EU hopes to massively boost its use of renewable energy, including wind powerThe EU hopes to massively boost its use of renewable energy, including wind power
"Renewables take time to roll out so in the short term this is not a solution," says research analyst Simone Tagliapietra."Renewables take time to roll out so in the short term this is not a solution," says research analyst Simone Tagliapietra.
"So for next winter - what can make a difference is fuel switching such as opening up coal-fired power plants, as Italy and Germany have plans to do in case of an emergency.""So for next winter - what can make a difference is fuel switching such as opening up coal-fired power plants, as Italy and Germany have plans to do in case of an emergency."
The EU has proposed a plan to make Europe independent from Russian fossil fuels before 2030 - including measures to diversify gas supplies and replace gas in heating and power generation.The EU has proposed a plan to make Europe independent from Russian fossil fuels before 2030 - including measures to diversify gas supplies and replace gas in heating and power generation.
The Nord Stream 2 pipeline and the Ukraine crisisThe Nord Stream 2 pipeline and the Ukraine crisis
IEA: Green energy needed to avoid turbulent pricesIEA: Green energy needed to avoid turbulent prices
How much oil does Russia export?
Russia is the third biggest producer of oil in the world, behind the US and Saudi Arabia.
Of about five million barrels of crude oil it exports each day, more than half of that goes to Europe.
Russian imports account for 8% of total UK oil demand.
The US is less reliant, with about 3% of its imported oil coming from Russia in 2020.
What about alternative oil supplies?
Mr McWilliams says it should be easier to find alternative suppliers for oil than for gas, because while some comes from Russia, "there's also a lot of shipments from elsewhere".
US President Joe Biden has ordered a major release of oil from America's strategic reserves in an effort to bring down high fuel costs.
The US has been asking Saudi Arabia to increase its oil production, but it has rebuffed previous US requests to boost output in order to reduce oil prices.
Saudi Arabia is the biggest producer in Opec, the oil cartel which accounts for about 60% of the crude oil traded internationally. Because of this Opec has a key role in influencing oil prices. So far, no Opec member has agreed to any requests to boost output.
Russia is not in Opec but has been working with it since 2017 to place limits on oil production, in order to maintain earnings for producers.
The US is also looking at relaxing Venezuela's oil sanctions. It used to be a key US oil supplier, but recently Venezuela has largely been selling its oil to China.
What will happen to my heating and fuel bills?What will happen to my heating and fuel bills?
Consumers will face rising energy and fuel bills as a result of this war.Consumers will face rising energy and fuel bills as a result of this war.
Heating prices - which are already high - are likely increase even more if the flow of Russian gas into Europe is restricted.
In the UK, household energy bills have been kept in check by an energy price cap.In the UK, household energy bills have been kept in check by an energy price cap.
But bills will rise by £700 to about £2,000 in April when the cap is increased. They are expected to reach about £3,000 when the cap is increased again this autumn. But bills rose £700 to about £2,000 in April when the cap was increased. They are expected to reach about £3,000 when the cap is increased again this autumn.
UK petrol and diesel prices have also soared, and the government has now announced a cut in fuel duty as motorists struggle with record prices.UK petrol and diesel prices have also soared, and the government has now announced a cut in fuel duty as motorists struggle with record prices.
Heating bills are set to rise sharply this year in the UKHeating bills are set to rise sharply this year in the UK
"I think if we're in a world where Russian oil and gas stop flowing to Europe then we're going to need rationing-style measures," says Mr McWilliams."I think if we're in a world where Russian oil and gas stop flowing to Europe then we're going to need rationing-style measures," says Mr McWilliams.
"Part of the conversation now is, can we tell households to turn their thermostats down one degree, which can save a significant chunk of gas.""Part of the conversation now is, can we tell households to turn their thermostats down one degree, which can save a significant chunk of gas."
Read more from Reality CheckRead more from Reality Check
Send us your questionsSend us your questions