Russia's Energy Minister Cancels Amid Tensions in Ukraine
Russia’s Energy Minister Alexander Novak has canceled his appearance at IHS CERAWeek, as his country invades Ukraine. Novak was slated to speak Tuesday as part of a panel at the annual Houston conference, but pulled out Saturday, the day after Russian troops moved into Crimea, CNBC reports.
A new panel of speakers who are experts on Russia and Ukraine have now been added to the agenda, the organizer confirmed.
"Depending on how this plays out in the next week or two, it will have a big impact on energy security," said IHS Vice Chairman Daniel Yergin in a statement. "Russia will want to maintain its reputation as a credible supplier."
Russian troops entered Crimea Friday, which has a large Russian population and houses a base for the Russian Navy’s Black Sea fleet, seizing control of the area.
"It's very hard to see the end game," Yergin told the news outlet. He said the “situation has not only raised questions about energy supply for Europe, but it raises questions about Syria and Iran, where Russian cooperation is needed.”
As for the markets, oil and natural gas rose amid investor concern that escalating geopolitical tension over Ukraine could curb energy supplies, Bloomberg noted in its Monday briefing.
“Russia controls the gas into Ukraine, which in turn has pipelines into Europe,” said Soeren Bo Duvier Nielsen, a senior energy sales manager at Nordea Bank AB in Singapore, to Bloomberg. “The Europeans are heavily dependent on Russia in terms of gas. They are looking for alternatives but can’t find them easily.”
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Africa's Natural Resources: Focus for Both Oil and Gas Sectors
- Apprenticeships Gain Momentum in Upstream Oil, Gas Sector
- Senate Energy, Natural Resources Committee to Vote on Keystone XL Pipeline
- Canadian Oil Sands Projects Continue to Vie for Skilled Talent
- East Africa Must Tackle Challenges to Become an Export Hub
- Total Makes Significant Oil Find
- Dana Terminates Maersk Drilling Deal
- ENOG Takes Karish North FID
- Feds Decline Comment on Exxon Permian Probe Report
- NS2 Set to Finish Bulk of Work on One Line in June
- How Quickly Will US Fossil Fuel Output Rebound?
- Total Drops API Membership
- Spirit Energy Contracts Rig for UKCS Infill Well
- US Targets CNOOC in Late Anti-China Push
- Oil Retreats as Stronger Dollar Dents Rally
- Ex-Shell Manager Joins Galp
- Paradigm Drilling Makes Strategic Deal with Oil Services Firm
- Subsea 7 Director Stevens Passes Away
- Equinor Bags Largest Ever US Offshore Wind Award
- ADNOC Creates New Directorate
- Saudis Curb Crude Supplies to Some Buyers
- Total Makes Significant Oil Find
- Dana Terminates Maersk Drilling Deal
- Total Becomes French Leader in Renewable Gas
- US Labels Houthis Terrorists After Tanker Attacks
- Executives Predict 2021-End Oil Price
- Biden Picks Energy Sec Nominee
- Shale Needs More to Boom Again
- Canada Gov Supports Hibernia Project
- Troops Fight Off Attack Near $20B LNG Project
- India Asked to Pay $1.2B to Cairn
- Pacific Drilling Expects Ch11 Emergence by End 2020
- Qatar and Four Arab States to Fully Restore Ties
- BLM Finalizes Alaska Activity Plan
- OGUK Reacts to Brexit Deal