As we wait to hear if the UK will approve a huge new oil and gas project - Rosebank - it is interesting that the Energy secretary Miatta Fahnbulleh met Claudio Descalzi, ceo of Eni, today. (🧵1/5)
And at the end of the release: "Eni continues to have a significant industrial presence, contributing to the country’s economy and its energy security via North Sea oil and gas production which retains an important role in the energy mix." (4/5)
At the top Middle East oil conference, Biden administration energy adviser @AmosHochstein has a message to the Trump administration energy officials (who cancelled their trips to Abu Dhabi): “The least you can do is to show up.”
NEW: We got the list of “Business Deals” the US and Russia are discussing.
They include a potential return by US companies to the Russian oil market as part of wider talks to end Putin’s war, including JVs in Sakhalin and restoring the Druzhba pipeline:
https://t.co/SAQATGQdQ0
In an interview with the FT, Ukrainian President Volodymyr Zelenskyy said his country will restart strikes on Russia’s oil refineries. “The block [on attacking refineries] is out. We’re done,” Zelenskyy said.
https://t.co/y95QRcuc5T
if the confrontation returns to full-scale war, escalation is likely to be rapid, dramatic, and potentially far more dangerous than anything we witnessed during the previous conflict.
The red lines that constrained both sides during the last war could collapse almost immediately. We should not assume that another confrontation would begin with gradual escalation, carefully calibrated retaliation, or attempts to signal intentions while avoiding a broader conflict.