With freezing temperatures gripping Kiev, Ukraine's state energy firm Naftogaz said on Friday it had transferred $378 million to Russia's Gazprom to buy Russian gas for December, paving the way for the first shipments since Moscow cut supplies in June.
Energy
U.S. shale output still surges, to add 103,000 bpd by Jan-EIA
Oil production from the United States' biggest shale plays is poised to keep expanding at the same breakneck pace into early next year, according to new U.S. projections released on Monday that highlighted a slow response to tumbling prices.
Oil drops $2 to five-year low on oversupply
Brent and U.S. crude oil each fell more than $2 a barrel on Monday to a new five-year low amid a rising number of predictions that oversupply would extend well into 2015.
Ukraine allows state firm to import power from Russia
Ukraine's government has allowed state energy company Ukrinterenergo to import electricity from Russia to cover current power shortages caused by a lack of coal, the Ukrainian energy ministry said.
Ukraine expects Russian gas supplies to resume Monday: minister
Ukraine expects Russia to resume supplies of gas from Monday after Kiev transferred a pre-payment of $378 million to Gazprom, its energy minister said on Sunday.
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U.S. energy firms are swiftly shifting drilling rigs away from less productive areas and hunkering down in sweet spots of North Dakota and Texas shale oil fields as they try to lift output and cut costs in response to the toughest crude market in years.
European Commission President Jean-Claude Juncker has insisted the $40 billion South Stream natural gas pipeline can still go ahead and accused Russia of holding EU-member Bulgaria to ransom when it said it had abandoned the project.
Germany's cabinet on Wednesday agreed plans to cut CO2 emissions by up to 78 million tonnes by 2020, pushing operators to shut some coal-fired plants, to help Europe's biggest economy meet bold targets to fight climate change, government sources said.
Plunging oil prices sparked a drop of almost 40 percent in new well permits issued across the United States in November, in a sudden pause in the growth of the U.S. shale oil and gas boom that started around 2007.
The Federal Reserve is welcoming the sharp drop in global energy prices, with two influential policymakers on Monday cheering the boost it should provide American pocketbooks and shrugging off any pressure on already low inflation.
Russia on Monday scrapped the South Stream pipeline project to supply gas to southern Europe without crossing Ukraine, citing EU objections, and instead named Turkey as its preferred partner for an alternative pipeline, with a promise of hefty discounts.
Crude oil markets jumped as much as 5 percent on Monday, rebounding from five-year lows with their biggest daily gain since 2012, on fears that the high U.S. shale output blamed for the global oil glut may be shrinking.
Essar Group, a $39 billion Indian conglomerate, is looking to tap frozen Iranian oil revenues to pay for its steel exports to Tehran, in a novel attempt to work around Western financial sanctions against the OPEC member state.
Russia's most powerful oil official Igor Sechin said in an interview with an Austrian newspaper that oil prices could fall below $60 by mid-way through next year.
