Page 3 - Russian Commodities News Today

Network data suggest the flows will restart after a three-day halt with the pipeline operating at 20% of its normal capacity, as before the shutdown.

G7 finance ministers are set to meet Friday to thrash out the details of a plan to limit the price of Russian oil, as Moscow's exports continue to boom.

Moscow is choking off Europe's energy supply to hit back against Western sanctions imposed after the invasion of Ukraine.

The state-run energy giant will fully suspend natural gas supplies to Engie after French utility giant failed to pay for July deliveries, it said.

Norway intends to maintain its current natural gas production levels until 2030, its energy minister Terje Aasland said Tuesday.

Russian oil production was expected to tumble this year, but the country has had little problem rerouting its supplies towards India and China.

Russia has slashed the flow of natural gas to Europe, and now governments there are worried that other sources of energy could fail to deliver.

Germany may have to rely on European gas supplies this winter ahead of winter, Klaus Müller, head of the federal network agency told the FT.

"This is something that needs to concern companies while it is something very pleasant for consumers," Citi strategist Ed Morse said.

Natural gas prices are likely to increase further on the spot and futures market, the bank said, as Russia chokes off Europe's energy supply.