EU looking to reduce need for Russian energy after Crimea vote, Britain says

(Reuters) - The European Union has begun discussing the need to reduce its reliance on Russian energy, British Foreign Secretary William Hague said on Monday.

Bulgaria bans shale gas drilling with 'fracking' method

Bulgaria has become the second European country after France to ban exploratory drilling for shale gas using the extraction method called "fracking".

Putin to Coordinate Oil Production with OPEC?

Russian Prime Minister Vladimir Putin announced that his country, the world’s leading oil and gas producer, plans to work closely with the Organization of Petroleum Exporting Countries (OPEC), the oil cartel.

European energy security: Lessons of 2011

In recent years one of the main aims of the EU energy policy was to reduce dependence on Russian energy. In particular, diversification of the fuel basket and increasing the share of gas supplies from the Middle East and North Africa were a clear priority. However, the start of 2011 has prompted to take a different view on the security of energy supply to Europe, especially given an unprecedented increase in gas demand observed in the European market in 2010.

In the first three months of 2011 oil prices rose by over 20%, while European spot gas prices came close to 400 US Dollars / 1000 cm (22% more than the average price of gas supplies to Europe under Gazprom’s long term contracts). This is primarily a reaction to geopolitical risks, since a tense situation in Africa and the Middle East became the main driver behind price rises. Secondly, this was a reaction of the market to the situation in Japan and an abrupt change in the prospects for the European nuclear power industry.