Oil Prices Hit 5-Month Highs
In the oil market, the upward trend continues at the beginning of the new week, with prices rising to nearly 5-month highs due to increasing geopolitical risks related to supply disruptions
HOT: » Assessing the Legacy of Bulgaria's "Denkov" Cabinet: Achievements, Failures, and What Comes Next
Energy Ministers from across the European Union are meeting in Brussels on Monday to discuss a possible change in rules on gas supplies from third countries.
Under some of the draft changes, countries willing to seal a gas deliveries contract with a non-EU state would have to wait for a green light from the European Commission.
There are several unsettled issues in the draft, according to public broadcaster BNR's Brussels correspondent.
These include the scope of control that the Commission will be able to exert and whether restrictions will only apply to gas or should include other goods such as oil and electricity.
Draft legislation on the agenda, however, also reportedly falls short of putting forward the concept of joint purchases of imports by energy companies in the bloc, according to Bloomberg.
The EU is currently 53% dependent on energy imports and counts on Russia for 36% of its gas imports.
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The Bulgarian Parliament has ratified the Agreement between the Government of the Republic of Bulgaria and the Government of the United States on cooperation regarding the construction of nuclear power at the Kozloduy Nuclear Power Plant
During a forum in Alexandroupolis, US Assistant Secretary of State for Energy, Jeffrey Payatt, highlighted the significance of a gas pipeline project through Bulgaria as the next pivotal step for energy development in the region
Prime Minister Nikolai Denkov addressed concerns over the long-term storage of nuclear waste during a parliamentary control session in Bulgaria today
Effective March 1, Bulgaria has officially halted the use and importation of Russian oil for fuel production, following a decision by the Parliament to drop the derogation
"Bulgargaz" suggests an 18% decrease in natural gas prices starting next month
In a recent report released by the Institute for Energy Economics and Financial Analysis (IEEFA) on Wednesday, it was revealed that demand for natural gas in Europe experienced a significant decline last year, dropping to its lowest level in a decade
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