MEPs finally supported the inclusion of biomass in the EU’s renewable energy mix but at a level that should not exceed the average recorded in 2017-2022, bearing in mind that bioenergy represents almost 60% of the EU’s renewable energy sources.

Continued volatility has seen oil prices gain 1% on Wednesday, as the market attempts to decipher the latest demand growth, US crude inventory data, inflation indications and the impact of China’s COVID lockdowns.

The European Commission has stepped back from earlier plans to cap the price of Russian gas, proposing instead to set up a new task force with EU member state representatives that will attempt to negotiate deals with key suppliers such as Norway.

Oil giant trader Vitol Group raked in more profit in H1 this year than it did in all of last year, a new exclusive from Reuters shared on Tuesday.

This was the only reference to price caps in von der Leyen’s speech today.

Kazakhstan plans to reallocate or sell more than 100 onshore and offshore oil and gas blocks, hoping to find new owners of discovered fields and prospective new discoveries, Upstream reports, citing a government lease auction notice.

…Such ships pollute the seas, plus LNG requires huge investments in building the liquefaction and regasification plants at each end. LNG exports also reduce the US trade deficit….

European Commission President Ursula von der Leyen laid out plans to combat the energy crisis and the ongoing response to Russia in her annual State of the European Union speech on Wednesday.

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The European Commission is walking away from the idea of proposing a price cap on Russian gas as part of measures to tackle the energy crisis, the Guardian reported on Tuesday, citing a leaked draft document of proposals it had seen.