Ukraine’s state owned energy company Naftogaz was recently declared to have a role in Nord Stream 2 certification process, but it will not have veto power, company CEO Yuriy Vitrenko said. Vitrenko added that Ukraine’s transit role in carrying Russian gas to Europe is also in jeopardy as Russia is reluctant to renew contract. 

The United States is seeking pacts with Britain, Japan and the European Union that would focus on critical mineral supply chains, in a bid to curb China’s dominance in the market. Washington is looking for a “critical minerals buyers club” with allies including the G7 and the EU to reduce reliance on China, as their efforts to build out renewable energy pacts resume. So-called critical minerals, including rare earth elements and battery metals, have come into the strategic spotlight in recent years because of their roles in energy transition technologies, such as electric vehicles, as well as defense electronics. The Western governments have been particularly concerned over China’s influence in the sector, both in terms of having supplies within its borders and its moves to lock up agreements with other producers, potentially cutting off U.S. access in the event of a crisis with Beijing.

OPEC+ group of oil producers, including Saudi Arabia and Russia, on Sunday announced a further oil output cut of 1.16 million barrels per day (bpd) in a surprise move that caused crude prices to surge immediately on Monday’s opening. The move is seen as a potentially ominous sign for global inflation just days after a slowdown in U.S. price data had boosted market optimism. Brent oil futures jumped $3.94 to $83.83 a barrel following the news. U.S. crude climbed $3.84 to $79.51, but was off its early peak of $81.69. The pledges bring the total volume of cuts by OPEC+ to 3.66 million bpd, equal to 3.7% of global demand. Sunday’s development comes a day before a virtual meeting of an OPEC+ ministerial panel, which had been expected to stick to 2 million bpd of cuts already in place until the end of 2023.