Europe and much of Asia are preparing for a potential winter energy crisis as the ongoing Iran conflict continues to disrupt global natural gas supplies. Analysts warn that reduced LNG availability, damage to Qatar's export infrastructure, and disruptions in the Strait of Hormuz could tighten global energy markets just months before peak heating demand. According to energy consultancy Wood Mackenzie, Europe's gas storage levels remain well below the target needed for winter, while Asian importers face growing competition for limited LNG cargoes. European natural gas prices have already surged, raising concerns over higher household energy bills, industrial costs, and possible gas rationing if supply conditions worsen.

Iran War Triggers Global Energy Crisis | Europe & Asia Face Winter Gas Shortage | LNG Supply Crunch 

European gas prices are flashing red again. LNG futures touched 62 euros, or about 70 dollars, per megawatt-hour on July 22nd, the highest since the Iran-Israel conflict rattled markets earlier this year. It is up nearly 50 percent from June's 40-42 euros range. The reason isn't a new supply shock. It's a bidding war Europe is losing.

Europe Loses LNG Bidding War to Asia | World Business Watch 

UK Prime Minister Andy Burnham has unveiled his first major policy after taking office, announcing the removal of VAT on household electricity bills to help ease the cost of living crisis. The new government says the tax cut will provide financial relief to families while maintaining fiscal responsibility. Burnham also outlined plans for regional decentralization and promised further measures to reduce everyday living costs across the United Kingdom.

New UK Prime Minister Andy Burnham announces tax relief and cost of living measures

Russian Foreign Minister Sergei Lavrov has accused the United States of trying to grab oil and energy resources of other nations and said that Washington’s military actions in countries like Venezuela and Iran are driven by these objectives. In an interview with Russian state television, Lavrov said the US “cares only about its own well-being” and aims to secure its interests through extreme measures and “any means—coups, kidnappings, or assassinations of leaders of countries that possess natural resources”.&nbsp;He said the United States pursued military and political interventions in Iran and Venezuela primarily to secure control over oil resources.&nbsp;<h2>‘They have a doctrine of dominance in global energy markets’</h2>&nbsp;Lavrov alleged that Washington no longer hides its motivations, saying, “Venezuela, Iran—our American colleagues do not hide that this is about oil. They have a doctrine of dominance in global energy markets.”&nbsp;Lavrov said the US approach signals a breakdown of international law. “This is taking us back to a world where nothing existed in terms of legal norms,” he said, adding that global decisions are increasingly dictated by power rather than rules.&nbsp;<h2>‘US backs away from agreements,’ says Lavrov</h2>&nbsp;The Russian foreign minister also criticised Washington’s diplomatic approach. “I would advise the US… to begin by engaging in dialogue,” Lavrov said, accusing the US of backing away from agreements.&nbsp;Lavrov made the remarks at a time when US envoys Steve Witkoff and Jared Kushner are set to travel to Pakistan for a fresh round of talks.White House press secretary Karoline Leavitt said the initiative for the meeting came from Tehran, noting that the US is open to negotiations but not under pressure to strike a deal.&nbsp;Iran’s Foreign Minister Abbas Araghchi has already reached Islamabad as he embarked on a regional tour.&nbsp;Lavrov also commented on the Ukraine conflict and energy disputes with Europe and accused the US of pushing Europe to cut reliance on Russian gas. He described Western policies as an attempt to return to a “colonial era”.&nbsp;&nbsp;

Russian Foreign Minister Sergei Lavrov alleged that Washington no longer hides its motivations and follows the doctrine of dominance in global energy markets. Lavrov further said that the US approach signals a breakdown of international law.

Russian Foreign Minister Sergei Lavrov has accused the United States of trying to grab oil and energy resources of other nations and said that Washington’s military actions in countries like Venezuela and Iran are driven by these objectives. In an interview with Russian state television, Lavrov said the US “cares only about its own well-being” and aims to secure its interests through extreme measures and “any means—coups, kidnappings, or assassinations of leaders of countries that possess natural resources”. He said the United States pursued military and political interventions in Iran and Venezuela primarily to secure control over oil resources. ‘They have a doctrine of dominance in global energy markets’ Lavrov alleged that Washington no longer hides its motivations, saying, “Venezuela, Iran—our American colleagues do not hide that this is about oil. They have a doctrine of dominance in global energy markets.” Lavrov said the US approach signals a breakdown of international law. “This is taking us back to a world where nothing existed in terms of legal norms,” he said, adding that global decisions are increasingly dictated by power rather than rules. ‘US backs away from agreements,’ says Lavrov The Russian foreign minister also criticised Washington’s diplomatic approach. “I would advise the US… to begin by engaging in dialogue,” Lavrov said, accusing the US of backing away from agreements. Lavrov made the remarks at a time when US envoys Steve Witkoff and Jared Kushner are set to travel to Pakistan for a fresh round of talks. White House press secretary Karoline Leavitt said the initiative for the meeting came from Tehran, noting that the US is open to negotiations but not under pressure to strike a deal. Iran’s Foreign Minister Abbas Araghchi has already reached Islamabad as he embarked on a regional tour. Lavrov also commented on the Ukraine conflict and energy disputes with Europe and accused the US of pushing Europe to cut reliance on Russian gas. He described Western policies as an attempt to return to a “colonial era”.

Russian Foreign Minister Sergei Lavrov alleged that Washington no longer hides its motivations and follows the doctrine of dominance in global energy markets. Lavrov further said that the US approach signals a breakdown of international law.

Russia accuses US of energy grab, says Iran and Venezuela military actions only ‘about oil’

The ongoing US-Iran war is beginning to weigh on American households as rising energy prices fuel fresh inflation concerns across the United States. Gasoline prices have already surged in recent weeks, and analysts warn the conflict could push overall inflation higher in the months ahead.


US-Iran War: Americans Reeling From Iran War-Led Inflation? 

Rising global energy prices amid the ongoing West Asia conflict are likely to put significant pressure on India's fiscal position in FY27, according to a report by ICRA. However, the report still claims that available buffers are likely to help manage the impact of the crisis. It noted that geopolitical tensions largely drive recent increases in energy prices, have added volatility to global markets and could require adjustments in fiscal policy. "Even if the situation stabilises, energy prices are expected to remain higher than earlier budgeted assumptions, which may require fiscal adjustments," the report said. The rating agency said that higher crude oil and gas prices may increase subsidy burdens, particularly for fertilisers and LPG. "Higher crude oil and natural gas prices may lead to an increase in subsidy requirements, particularly for fertilisers and liquefied petroleum gas (LPG)," it added.<h3>Fiscal buffers</h3>It also flagged possible pressure on government revenues, indicating that elevated prices could lead to softer excise collections and lower corporate tax inflows. Over supply-side concerns, ICRA stated that “global supply disruptions and logistical challenges have contributed to the increase in energy prices, which could impact various sectors, including petroleum and fertilisers.”&nbsp;However, ICRA highlighted the availability of fiscal buffers despite these challenges. "Multiple buffers are available to manage the impact," ICRA said. It also cited mechanisms that include the Economic Stabilisation Fund (ESF), expenditure savings, and flexibility through supplementary demand for grants.&nbsp;It also stated that savings in expenditure seen in recent years, along with the possible carry-forward of higher small savings collections, could create extra fiscal room. At the same time, lower redemptions and tweaks in market borrowing may provide additional support.&nbsp;On the fiscal outlook, ICRA said these buffers could help limit deviations from targets. "These buffers may help contain any significant deviation from the fiscal deficit target of 4.5 per cent of GDP for FY2026-27," the report stated and cautioned that outcomes depend on how long elevated energy prices continue.&nbsp;Also read: <a href="https://www.wionews.com/india-news/lpg-vessel-apollo-ocean-docks-in-karnataka-india-assures-stable-energy-supply-1774533177605">LPG vessel 'Apollo Ocean' docks in Karnataka, India assures stable energy supply</a>

ICRA flagged possible pressure on government revenues, indicating that elevated prices could lead to softer excise collections and lower corporate tax inflows. Despite these challenges, it highlighted the availability of fiscal buffers. 

Rising global energy prices amid the ongoing West Asia conflict are likely to put significant pressure on India's fiscal position in FY27, according to a report by ICRA. However, the report still claims that available buffers are likely to help manage the impact of the crisis. It noted that geopolitical tensions largely drive recent increases in energy prices, have added volatility to global markets and could require adjustments in fiscal policy. "Even if the situation stabilises, energy prices are expected to remain higher than earlier budgeted assumptions, which may require fiscal adjustments," the report said. The rating agency said that higher crude oil and gas prices may increase subsidy burdens, particularly for fertilisers and LPG. "Higher crude oil and natural gas prices may lead to an increase in subsidy requirements, particularly for fertilisers and liquefied petroleum gas (LPG)," it added. Fiscal buffers It also flagged possible pressure on government revenues, indicating that elevated prices could lead to softer excise collections and lower corporate tax inflows. Over supply-side concerns, ICRA stated that “global supply disruptions and logistical challenges have contributed to the increase in energy prices, which could impact various sectors, including petroleum and fertilisers.” However, ICRA highlighted the availability of fiscal buffers despite these challenges. "Multiple buffers are available to manage the impact," ICRA said. It also cited mechanisms that include the Economic Stabilisation Fund (ESF), expenditure savings, and flexibility through supplementary demand for grants. It also stated that savings in expenditure seen in recent years, along with the possible carry-forward of higher small savings collections, could create extra fiscal room. At the same time, lower redemptions and tweaks in market borrowing may provide additional support. On the fiscal outlook, ICRA said these buffers could help limit deviations from targets. "These buffers may help contain any significant deviation from the fiscal deficit target of 4.5 per cent of GDP for FY2026-27," the report stated and cautioned that outcomes depend on how long elevated energy prices continue. Also read: LPG vessel 'Apollo Ocean' docks in Karnataka, India assures stable energy supply

ICRA flagged possible pressure on government revenues, indicating that elevated prices could lead to softer excise collections and lower corporate tax inflows. Despite these challenges, it highlighted the availability of fiscal buffers.&nbsp;

Rising energy prices could put strain on India’s FY27 fiscal position, says ICRA

UK’s energy price cap is set to decrease by 7.3%, promising lower energy bills for consumers. However, almost half of the lowest-income households are expected to face bill increases due to the gradual withdrawal of government support.

Rising standing charges & winter energy bills in the UK

British energy giant&nbsp;BP&nbsp;on Tuesday announced a drop in second-quarter net profit as oil and gas prices retreated from peaks reached a year earlier following Russia's invasion of Ukraine.

Profit after tax plunged to $1.8 billion in the three months to the end of June compared with $9.3 billion in the second quarter last year,&nbsp;BP&nbsp;said in a statement, mirroring hefty falls across the sector.

"Our financial performance is impacted by fluctuating prices of oil, gas and refined products," it added.

Energy prices soared a year ago following the Ukraine invasion by key producer Russia, sending global inflation to the highest levels in decades while providing record profits for oil and gas companies.&nbsp;

Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns.

Gas and oil prices have since pulled back but remain at elevated levels.

<h2>Shareholder rewards&nbsp;</h2>

Despite the slump in profits,&nbsp;BP&nbsp;said it was hiking its dividend and returning $1.5 billion to shareholders by repurchasing stock.

"This reflects confidence in our performance and the outlook for cash flow," chief executive Bernard Looney said in the earnings statement.

BP's share price advanced 1.9 percent in early London trading following the earnings update.

"BP's move to boost shareholder returns is in line with moves by some of the other leading oil producers as they focus on ensuring investors benefit from the strength of cash flow the industry is currently enjoying," said Steve Clayton, head of equity funds at Hargreaves Lansdown.

Natural gas prices have pulled back sharply as European countries found new suppliers, built up reserves and experienced a mild winter.

Oil prices have also tumbled, partly on fears of falling demand as the global economy slows, with major consumer China's post-Covid recovery stumbling.

Profits remain hefty, however, as oil and gas firms stay focused on pumping out fossil fuels while pivoting toward cleaner energy.

The UK government said Monday that it would issue "hundreds" of new oil and gas licences in the North Sea to secure energy reserves while still aiming for net zero carbon emissions by 2050.

The announcement has angered environmental groups.

"Handing out new oil and gas licences will do nothing to improve our energy security," Charlie Kronick, senior climate advisor at Greenpeace UK, said Tuesday.

He added in a statement that it would instead allow "companies like&nbsp;BP&nbsp;and Shell to rake in even more money for their shareholders".

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British energy giant BP on Tuesday announced a drop in second-quarter net profit as oil and gas prices retreated from peaks reached a year earlier following Russia's invasion of Ukraine.

British energy giant BP on Tuesday announced a drop in second-quarter net profit as oil and gas prices retreated from peaks reached a year earlier following Russia's invasion of Ukraine. Profit after tax plunged to $1.8 billion in the three months to the end of June compared with $9.3 billion in the second quarter last year, BP said in a statement, mirroring hefty falls across the sector. "Our financial performance is impacted by fluctuating prices of oil, gas and refined products," it added. Energy prices soared a year ago following the Ukraine invasion by key producer Russia, sending global inflation to the highest levels in decades while providing record profits for oil and gas companies. Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns. Gas and oil prices have since pulled back but remain at elevated levels. Shareholder rewards Despite the slump in profits, BP said it was hiking its dividend and returning $1.5 billion to shareholders by repurchasing stock. "This reflects confidence in our performance and the outlook for cash flow," chief executive Bernard Looney said in the earnings statement. BP's share price advanced 1.9 percent in early London trading following the earnings update. "BP's move to boost shareholder returns is in line with moves by some of the other leading oil producers as they focus on ensuring investors benefit from the strength of cash flow the industry is currently enjoying," said Steve Clayton, head of equity funds at Hargreaves Lansdown. Natural gas prices have pulled back sharply as European countries found new suppliers, built up reserves and experienced a mild winter. Oil prices have also tumbled, partly on fears of falling demand as the global economy slows, with major consumer China's post-Covid recovery stumbling. Profits remain hefty, however, as oil and gas firms stay focused on pumping out fossil fuels while pivoting toward cleaner energy. The UK government said Monday that it would issue "hundreds" of new oil and gas licences in the North Sea to secure energy reserves while still aiming for net zero carbon emissions by 2050. The announcement has angered environmental groups. "Handing out new oil and gas licences will do nothing to improve our energy security," Charlie Kronick, senior climate advisor at Greenpeace UK, said Tuesday. He added in a statement that it would instead allow "companies like BP and Shell to rake in even more money for their shareholders". WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

BP profit slumps on falling energy prices

EU energy ministers have agreed a plan to cap the price of gas, ending months of argument over how to handle the cost of soaring energy prices after Russia cut gas supplies to Europe.

EU energy ministers agree on a gas price cap to contain crisis

Energy regulator Ofgem has today announced its quarterly update for average household bills and has raised the energy price cap by about 21% for the period 1 January – 31 March 2023.

Ofgem raises energy price cap by over 20% for average household bills

British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears.

The result compared with a loss after tax of $447 million in the July-September period last year, Shell said.&nbsp;

Flush with cash from revenue surging to almost $100 billion, Shell said it would buy back shares at a cost of $4 billion.

"We are delivering robust results at a time of ongoing volatility in global energy markets," said Shell's outgoing chief executive Ben van Beurden.&nbsp;

The latest profit, however, was far lower than its second-quarter net income of $18 billion.

Shell alerted the market on the comparison earlier this month, blaming the drop on a slump in refining margins.

Although oil and gas prices have surged from a year ago following the invasion of Ukraine by major energy producer Russia, hydrocarbon values have seen some recent cooling as the northern hemisphere experiences mild temperatures and countries shore up supplies.

Shares rally

Shell's share price jumped 3.5 percent following the results, which also included a raised dividend following underlying profits ahead of analyst expectations.

The group's latest earnings reignited calls for the UK government to slap a much bigger windfall tax on energy companies as millions of Britons struggle with a cost-of-living crisis.

"A proper tax on Shell's reported Q3... profits as well as the billions made in Q1 and Q2 by all the fossil fuel giants would already have generated enough cash to insulate thousands of homes," Greenpeace UK's senior climate advisor Charlie Kronick said.

"Responding to the cost-of-living crisis is well within the government's control."

Britain's new prime minister, Rishi&nbsp;Sunak, unveiled a windfall tax on the profits of British energy companies earlier this year in his role as finance minister, but it was deemed as far too small by campaigners.

Van Beurden recently indicated that governments should "probably" tax energy firms more to help protect the poorest from rocketing energy bills amid decades-high inflation, although critics said the comments did not carry much weight ahead of his departure.

Shell last month announced that van Beurden would step down as CEO at the end of the year, as the energy major looks to reinvent itself under group renewables boss Wael Sawan.

Towards the end of his nine years at the helm, van Beurden slashed thousands of jobs after Shell slumped into a huge loss on Covid lockdowns.&nbsp;

A Shell veteran with almost 40 years at the group, he departs having carried out a major corporate overhaul that saw the company ditch "Royal Dutch" from the start of its name.

British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears.

British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears. The result compared with a loss after tax of $447 million in the July-September period last year, Shell said. Flush with cash from revenue surging to almost $100 billion, Shell said it would buy back shares at a cost of $4 billion. "We are delivering robust results at a time of ongoing volatility in global energy markets," said Shell's outgoing chief executive Ben van Beurden. The latest profit, however, was far lower than its second-quarter net income of $18 billion. Shell alerted the market on the comparison earlier this month, blaming the drop on a slump in refining margins. Although oil and gas prices have surged from a year ago following the invasion of Ukraine by major energy producer Russia, hydrocarbon values have seen some recent cooling as the northern hemisphere experiences mild temperatures and countries shore up supplies. Shares rally Shell's share price jumped 3.5 percent following the results, which also included a raised dividend following underlying profits ahead of analyst expectations. The group's latest earnings reignited calls for the UK government to slap a much bigger windfall tax on energy companies as millions of Britons struggle with a cost-of-living crisis. "A proper tax on Shell's reported Q3... profits as well as the billions made in Q1 and Q2 by all the fossil fuel giants would already have generated enough cash to insulate thousands of homes," Greenpeace UK's senior climate advisor Charlie Kronick said. "Responding to the cost-of-living crisis is well within the government's control." Britain's new prime minister, Rishi Sunak, unveiled a windfall tax on the profits of British energy companies earlier this year in his role as finance minister, but it was deemed as far too small by campaigners. Van Beurden recently indicated that governments should "probably" tax energy firms more to help protect the poorest from rocketing energy bills amid decades-high inflation, although critics said the comments did not carry much weight ahead of his departure. Shell last month announced that van Beurden would step down as CEO at the end of the year, as the energy major looks to reinvent itself under group renewables boss Wael Sawan. Towards the end of his nine years at the helm, van Beurden slashed thousands of jobs after Shell slumped into a huge loss on Covid lockdowns. A Shell veteran with almost 40 years at the group, he departs having carried out a major corporate overhaul that saw the company ditch "Royal Dutch" from the start of its name.

Shell posts more bumper profits on high energy prices

EU leaders are meeting to find ways to tackle growing energy prices, however, they remain divided on placing a cap on the bloc's payment for gas. Growing inflation has only made matters worse, take a look.

EU chief calls for unity amid growing inflation; leaders divided on bloc's price cap for gas

France&nbsp;will turn off the hot water in the toilets of public buildings and order municipalities to reduce water temperatures at public swimming pools by one degree Celsius as part of broader plans to reduce energy consumption, the energy ministry said.

President Emmanuel Macron's government is due to announce sector-by-sector energy saving measures on Thursday designed to avoid power outages or shortfalls in gas supplies during the winter.

It has tasked industry, households, and municipal authorities to trim their energy consumption by 10 per cent&nbsp;&nbsp;in response to Russia's cut to gas supplies and spiralling energy prices.

Le Parisien newspaper reported that hot water production in administration buildings alone accounts for 10 per cent of the energy bill of the French state, which employs over five million people.

With an energy crisis looming over Europe,&nbsp;France&nbsp;has made "la sobriete energetique" (energy efficiency) its central policy pillar to avoiding over-straining the country's power grid, which is also beset by nuclear reactor outages.

Watch |&nbsp;Europe's cost of living crisis worsens; demand for yurts rise in Hungary

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"The government will ask public-sector workers to travel by train rather than by plane for journeys under four hours,"&nbsp;a government source told Reuters.

An adviser to the transport minister said the ministry was working on a plan to offer people using car-sharing financial benefits.

The government will also launch a public communication campaign to urge citizens to save energy in all aspects of their everyday life.

Macron has also pledged to reduce&nbsp;France's energy consumption by 40% by 2050 to live up to promises made in international accords to fight climate change.

"This requires a lasting change in our habits and behaviour,"&nbsp;the energy ministry said in a statement ahead of Thursday's announcements.

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France will turn off the hot water in the toilets of public buildings and order municipalities to reduce water temperatures at public swimming pools by one degree Celsius as part of broader plans to reduce energy consumption, the energy ministry said.

France will turn off the hot water in the toilets of public buildings and order municipalities to reduce water temperatures at public swimming pools by one degree Celsius as part of broader plans to reduce energy consumption, the energy ministry said. President Emmanuel Macron's government is due to announce sector-by-sector energy saving measures on Thursday designed to avoid power outages or shortfalls in gas supplies during the winter. It has tasked industry, households, and municipal authorities to trim their energy consumption by 10 per cent in response to Russia's cut to gas supplies and spiralling energy prices. Le Parisien newspaper reported that hot water production in administration buildings alone accounts for 10 per cent of the energy bill of the French state, which employs over five million people. With an energy crisis looming over Europe, France has made "la sobriete energetique" (energy efficiency) its central policy pillar to avoiding over-straining the country's power grid, which is also beset by nuclear reactor outages. Watch | Europe's cost of living crisis worsens; demand for yurts rise in Hungary "The government will ask public-sector workers to travel by train rather than by plane for journeys under four hours," a government source told Reuters. An adviser to the transport minister said the ministry was working on a plan to offer people using car-sharing financial benefits. The government will also launch a public communication campaign to urge citizens to save energy in all aspects of their everyday life. Macron has also pledged to reduce France's energy consumption by 40% by 2050 to live up to promises made in international accords to fight climate change. "This requires a lasting change in our habits and behaviour," the energy ministry said in a statement ahead of Thursday's announcements. WATCH WION LIVE HERE

France to turn off hot water in public offices to save energy, cut down bills

Soaring energy prices in the UK since Russia's war in Ukraine have caused several problems for the British residents. Adding to their concerns now is the rising cost of using electric car charging points.

WION Climate Tracker | Rising cost of EV charging adds to the woes of Brits

While European Union countries are divided over Russian sanctions, Russia has warned EU over gas price cap. Russian president Vladimir Putin has warned West of winter freeze.

Russia warns EU over gas price cap; Putin warns West of winter freeze

Europe is battling a major energy crisis ahead of winter which has been caused due to shortages from a lack of Russian fuel. Governments are rethinking nuclear power. What can Europe do to fight soaring power bills?

Europe is battling an energy crisis | Can nuclear energy be the saviour?

European gas prices once again rose to record highs on Thursday's fears over Russia halting gas supplies. The prices spiked in recent days is due to the three-day halt in Russian deliveries to Germany.

European gas prices near record high; worry over winter energy crunch grows

Energy prices set to soar and a heat wave plaguing the majority of England, it is not surprising that the issue of high energy bills dominated the latest clash between the tory candidates. Both Rishi Sunak and Liz Truss clash over their economic policy.

Rishi Sunak Vs Liz Truss: Energy prices become key battleground

Analysts on Tuesday (August 9) said that the cap on domestic energy prices is expected to rise to over $5,089 a year in January 2023 in the United Kingdom. The potential increase is because of soaring wholesale costs.

Analysts on Tuesday (August 9) said that the cap on domestic energy prices is expected to rise to over $5,089 a year in January 2023 in the United Kingdom. The potential increase is because of soaring wholesale costs. Also, the changes in the way the cap is set would see prices up 230 per cent from the year before. If it happens, it will deepen the cost of living crisis as the latest forecast by Cornwall Insight spells more misery for millions of people. ALSO READ | UK issues new amber heat warning for England and Wales The analysts said that the cap on the most widely used household energy contracts is expected to rise by 82 per cent in October. It is based on the latest wholesale energy prices. If we cover both gas and electricity, the average annual household dual fuel bill will be around 3,582 pounds. Dr Craig Lowrey, who is the consultancy's principal consultant, said, "It is essential that the government use our predictions to spur on a review of the support package being offered to consumers." Cornwall also mentioned that the January forecast has been revised upwards following changes made to the way the cap is calculated by regulator Ofgem. ALSO READ | China property crisis forcing families to live in unfinished, dangerous flats Lowrey further said, "If the £400 was not enough to make a dent in the impact of our previous forecast, it most certainly is not enough now." "The government must make introducing more support over the first two quarters of 2023 a number one priority. In the longer term, a social tariff or other support mechanism to target support at the most vulnerable in society are options that we at Cornwall Insight have proposed previously. Right now, the current price cap is not working for consumers, suppliers, or the economy." The announcement comes days after the Bank of England's forecast that Britain will sink into a lengthy recession later this year as inflation rockets even higher. BoE also unveiled the biggest interest rate hike since 1995. WATCH | WION Dispatch: Sri Lanka power regulator approves 75% tariff hike × Britons say 'can't pay, won't pay' The Britons are reluctant to pay the hiked prices. As quoted by the Guardian, Josina, a teacher from Sheffield, said, "It's terrifying, especially with three teenagers in the house. They aren't old enough to be out working yet. They're relying on us, and it's a really scary thought that you potentially can’t provide for your children in that way." Josina has said that she is not going to pay her energy bill. The news report stated that she is a civil disobedience movement, becoming one of the thousands of activists to protest at the soaring cost of energy. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Britons say 'can't pay, won't pay' as energy prices to surge further in 2023

Arthur Grimm Baeckerei, Vienna’s oldest bakery, which has been open since the 16th century. It is currently suffering from rising wheat, butter and energy prices, as well as severe staff shortages.

Arthur Grimm Baeckerei in Vienna struggles to survive due to high energy prices

Germany’s Interior Minister Nancy Feser, warned of possible radical protests in the country amid soaring energy prices in the country.

Germany's Interior Minister warns of unrest over fuel prices

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months.

As per IEA the "unanimous" agreement to release the stock was reached by the organisation's 31 members on April 1. As per a Reuters report, about half of the 120 million barrels will be contributed by the United States.

Also read |&nbsp;<a href="https://www.wionews.com/world/white-house-says-us-ready-to-become-indias-reliable-supplier-to-counter-russia-dependence-468962">White House says US ready to become India's 'reliable supplier' to counter Russia dependence</a>

This is the largest stock release in the history of organisation and was confirmed by the Governing Board of the IEA as reported by Xinhua news agency.

Earlier IEA had released 62.7 million barrels of crude oil on March 1st and this recently announced release is the second release of reserves since the conflict in Ukraine started on February 24th.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/white-house-says-india-imports-only-1-2-of-russias-total-energy-imports-468628">White House says India imports only 1-2% of Russia's total energy imports</a>

The release of crude reserves aims to drive down the rising fuel prices around the globe.

However, experts and analysts have warned that even with the emergency reserve releases oil supply remains tight.

India, which is one of the largest importers of oil has announced that it is evaluating ways to support IEA's move.

Watch |&nbsp;Gravitas: Petrol, Diesel prices soar in India

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"In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions."&nbsp;

Before the Russian attack on Ukraine, IEA members held a collective emergency stockpile of 1.5 billion barrels of crude.

(With inputs from agencies)

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months.

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months. As per IEA the "unanimous" agreement to release the stock was reached by the organisation's 31 members on April 1. As per a Reuters report, about half of the 120 million barrels will be contributed by the United States. Also read | White House says US ready to become India's 'reliable supplier' to counter Russia dependence This is the largest stock release in the history of organisation and was confirmed by the Governing Board of the IEA as reported by Xinhua news agency. Earlier IEA had released 62.7 million barrels of crude oil on March 1st and this recently announced release is the second release of reserves since the conflict in Ukraine started on February 24th. Also read | White House says India imports only 1-2% of Russia's total energy imports The release of crude reserves aims to drive down the rising fuel prices around the globe. However, experts and analysts have warned that even with the emergency reserve releases oil supply remains tight. India, which is one of the largest importers of oil has announced that it is evaluating ways to support IEA's move. Watch | Gravitas: Petrol, Diesel prices soar in India "In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions." Before the Russian attack on Ukraine, IEA members held a collective emergency stockpile of 1.5 billion barrels of crude. (With inputs from agencies)

Amid global energy crisis, IEA to release 120 million barrels of crude, India supports decision

The European Union's official statistics agency Eurostat said on Wednesday (March 2) that Eurozone inflation had soared to a record high in February. The inflation was at 5.8 per cent and energy prices surged.

The acceleration, from 5.1 percent in January, was announced as oil and gas prices rocketed even higher over fears about the impact on supplies from Russia's invasion of Ukraine.

Brent crude touched USD 110 a barrel for the first time since 2014. WTI followed suit hours later. It hit its highest level since 2013. European natural gas prices similarly hit a record level.

Also Read | <a href="https://www.wionews.com/world/russian-talkshows-describe-reports-of-military-losses-as-fake-458218">Russian talkshows describe reports of military losses as 'fake'</a>

The surge in inflation comes at a difficult time for European leaders as they warn their citizens of the "price to pay" from tough sanctions imposed on Russia, the EU's leading foreign gas supplier.

Policymakers fear soaring inflation could choke off the EU's recovery from the coronavirus pandemic.

Eurostat said energy prices in February jumped 31.7 percent, faster than the 28.8 percent recorded in January.

Food prices were up 4.1 percent in February, compared with 3.5 percent the previous month.

Analysts at Capital Economics predicted inflation would hit six percent in the coming months before falling back to around four percent, "most likely" at the end the year.

That is still double the European Central Bank's target of around two percent.

Capital Economics warned that not only energy prices, but also food prices could rise further due to the conflict in Ukraine, a major wheat exporter.

The EU and Western allies have imposed sweeping sanctions on Moscow over President Vladimir Putin's invasion.

They have unleashed turmoil on Russia's economy and forced the Kremlin to impose capital controls.

(With inputs from agencies)

The European Union's official statistics agency Eurostat said on Wednesday (March 2) that Eurozone inflation had soared to a record high in February. The inflation was at 5.

The European Union's official statistics agency Eurostat said on Wednesday (March 2) that Eurozone inflation had soared to a record high in February. The inflation was at 5.8 per cent and energy prices surged. The acceleration, from 5.1 percent in January, was announced as oil and gas prices rocketed even higher over fears about the impact on supplies from Russia's invasion of Ukraine. Brent crude touched USD 110 a barrel for the first time since 2014. WTI followed suit hours later. It hit its highest level since 2013. European natural gas prices similarly hit a record level. Also Read | Russian talkshows describe reports of military losses as 'fake' The surge in inflation comes at a difficult time for European leaders as they warn their citizens of the "price to pay" from tough sanctions imposed on Russia, the EU's leading foreign gas supplier. Policymakers fear soaring inflation could choke off the EU's recovery from the coronavirus pandemic. Eurostat said energy prices in February jumped 31.7 percent, faster than the 28.8 percent recorded in January. Food prices were up 4.1 percent in February, compared with 3.5 percent the previous month. Analysts at Capital Economics predicted inflation would hit six percent in the coming months before falling back to around four percent, "most likely" at the end the year. That is still double the European Central Bank's target of around two percent. Capital Economics warned that not only energy prices, but also food prices could rise further due to the conflict in Ukraine, a major wheat exporter. The EU and Western allies have imposed sweeping sanctions on Moscow over President Vladimir Putin's invasion. They have unleashed turmoil on Russia's economy and forced the Kremlin to impose capital controls. (With inputs from agencies)

Eurozone inflation hits record high due to soaring energy prices

The wave of inflation-fuelled discontent has spread across Turkey. The surge in energy prices has raised the cost of living for citizens, who are already struggling to make ends meet due to a currency crash in December led by President Tayyip Erdogan's low-interest rates policy.

Inflation jumps 50% as Turkey protests against hiked energy prices

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