Russia’s Vladimir Putin talks about energy and geopolitics

7:40: Why are natural gas prices so high?

As Putin concludes his opening speech to the plenary session of Russian Energy Week, here is a useful explanation of Europe’s unfolding energy crisis.

A perfect storm of bad news for the energy markets has consisted of an eye-catching rise in natural gas prices, soaring coal and carbon costs, low wind production and predictions of a return to $ 100 oil.

Politicians try to mitigate the impact on consumers and protect vulnerable households.

– Sam Meredith

7:35: Putin says Russia is ready to discuss further steps to supply gas to Europe

Russian President Vladimir Putin said on Wednesday that the country is ready to discuss further steps to supply natural gas to Europe, adding that he believes Moscow is on track to supply record levels of gas to the global market by the end of the year.

Putin said on stage during Russian Energy Week, saying in a translation: “For any market, stability and predictability are important, and Russia is flawlessly fulfilling its contractual obligations to our partners, including our partners in Europe.”

“We ensure guaranteed, uninterrupted gas supplies to Europe. We have every reason to believe that by the end of this year we will reach record high gas supplies to the global market.”

Putin said the country would be ready to discuss any further steps to deliver additional gas supplies to Europe, reiterating comments from the Kremlin earlier in the day.

His comments come shortly before a CNBC-moderated panel on global energy, with Putin being joined by BP CEO Bernard Looney, TotalEnergies CEO Patrick Pouyanne, ExxonMobil CEO Darren Woods and Daimler CEO Ola Kallenius.

– Sam Meredith

06:35: IEA’s Birol says that rising energy prices must not derail climate policy

The director general of the International Energy Agency told CNBC on Wednesday that rising energy prices must not derail the urgent need to reduce global fossil fuel consumption significantly.

“High prices for coal, gas or oil, they have nothing to do with the transition to clean energy,” Fatih Birol said. “I can see some saying trying to portray this current situation as the first crisis in the transition to clean energy – which is wrong.”

He added: “If it is not properly addressed by governments and others … and if the real facts are not brought to the attention of the public, it could very well be a significant barrier to further climate policy action.”

His comments come just weeks before a landmark international climate summit to be held in Glasgow, Scotland.

– Sam Meredith

06:05: Russia reaches new record for daily deaths in Covid as infections rise, vaccinations lag

05:45: Russia says gas supplies to Europe are at maximum levels, any increase must be negotiated with Gazprom

Kremlin spokesman Dmitry Peskov on Wednesday said Russia was supplying gas to Europe at maximum levels under existing contracts, according to the news agency TASS.

Any potential increase in supply should be negotiated through Russia’s state-owned energy giant Gazprom, Peskov said, adding that Moscow is ready to increase gas transportation through Ukraine if the EU increases procurement.

“We can say that Russia fully fulfills all contractual obligations below the top line, that is, to the maximum maximum, that all volumes of supplies have been increased in light of the contracts and agreements that exist,” said Peskov, reported TASS.

– Sam Meredith

5:50 a.m .: Putin delivers introductory remarks at Russian Energy Week

Russian President Vladimir Putin will deliver a speech in plenary on Wednesday at the Russian Energy Week’s International Forum in Moscow.

His introductory remarks come in front of a CNBC-moderated panel on global energy, which Putin is joined by BP CEO Bernard Looney, TotalEnergies CEO Patrick Pouyanne, ExxonMobil CEO Darren Woods and Daimler CEO Ola Kallenius.

CNBC’s Hadley Gamble is ready to welcome business leaders to the stage around noon. 13:00 Moscow (6:00 ET), and Putin is expected to speak for about 15 minutes thereafter.

– Sam Meredith

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