A day before Russia shuts the all-important Nord Stream 1 gas pipeline which runs from Russia to Germany under the Baltic Sea, German chancellor Olaf Scholz stated that Germany could counter the Russian gas threat.

A day before Russia shuts the all-important Nord Stream 1 gas pipeline which runs from Russia to Germany under the Baltic Sea, German chancellor Olaf Scholz stated that Germany could counter the Russian gas threat. "Germany is in a much better position in terms of security of supply than was foreseeable a couple of months ago," Scholz told reporters on Tuesday. "We can deal well with the threats we are confronted with from Russia, which uses gas as part of its strategy in the war against Ukraine." he further added. Read more: Gazprom to reduce gas deliveries to Engie, France's biggest gas supplier Olaf's statements come a day after Economy Minister Robert Habeck stated that Germany had filled its gas reserves to almost 83 per cent. "Germany's gas storage facilities are nearly 83 per cent full and will hit 85 per cent full in early September. As a result, the markets will calm and go down" said Habeck. Nord Stream 1 will be shut down from tomorrow It is pertinent to note that the Russian state-owned gas company, earlier this month announced that the Nord Stream 1 gas pipeline will remain shut down for three days for 'routine maintenance', starting tomorrow i.e August 31. In the backdrop of the Russian invasion of Ukraine, Germany, much like the other European nations picked Kyiv's side. However, despite talking tough against Russia, Berlin still hasn't been able to get rid of Russian oil and gas, which accounted for more than 55 per cent of its requirement in 2021. Moreover, since February, the supplies from Russia have been reduced by more than 30 per cent, leading to an acute energy crisis in the country, with the price of oil and gas rising by almost four per cent compared to last year. Germany, akin to several other European nations is scampering for alternatives and looking to build reserves. However, the process is lengthy and one that cannot be achieved over the course of a few months. The perilous energy situation had forced the German government to splurge $14.93 billion last month to bail out Uniper, its largest importer of Russian gas. Read more: Germany: Topless protestors surround Olaf Scholz at a public event; demand ban on Russian gas imports (With inputs from agencies) WATCH WION LIVE HERE:

We are in better position to counter Russia's gas threat, says Olaf Scholz

A huge blaze broke out Thursday at a gas-fired power station just outside Moscow sending a plume of smoke and flames 50 metres (165 feet) into the sky, Russian television showed.

The fire at Power Station No. 27 broke out around 11:00 am on Thursday around 20 kilometres (13 miles) from Moscow.

The emergencies ministry said that 11 people received medical treatment including five people with minor burns but no one was hospitalised. There was no risk of the fire spreading to nearby residential areas, it said.

The energy ministry said a high-pressure gas pipe supplying fuel was burning outside the power station itself.

Russian television reported that the cause of the fire "could have been an explosion".

The smoke and flames were visible from the capital and the emergencies ministry said that the fire blazed over an area of 800 square metres (8,600 square feet).

The plume of fire subsided after authorities switched off the gas supply but black smoke continued to billow as gas already released continued to burn.&nbsp;

The emergencies ministry said the fire would be localised shortly.

One witness, Sofiya Fesenko, watching the fire from her flat in Mytishi, said on Russian television that hot water flowed from cold taps after the fire broke out.&nbsp;

"We saw smoke covering half the sky," she said.

The emergency services sent in helicopters to drop water and fire-fighting trains to tackle the blaze, with more than 150 firefighters at the scene.

Moscow Mayor Sergei Sobyanin wrote on Twitter that the city was sending 50 of its fire engines to the power station.&nbsp;

The authorities warned drivers not to use nearby highways as the smoke hindered traffic and one highway leading to Moscow's ring road was closed entirely.

The power station was built at the end of the Soviet era and opened in 1996. Its four reactors supply to part of Moscow and the Moscow region with electricity and centralised hot water and heating.

The energy ministry said electricity supplies to the public would not be affected and the fire did not damage generation equipment at the station.

Russia is economically dependent on its vast oil and gas reserves.

A huge blaze broke out Thursday at a gas-fired power station just outside Moscow sending a plume of smoke and flames 50 metres (165 feet) into the sky, Russian television showed.

A huge blaze broke out Thursday at a gas-fired power station just outside Moscow sending a plume of smoke and flames 50 metres (165 feet) into the sky, Russian television showed. The fire at Power Station No. 27 broke out around 11:00 am on Thursday around 20 kilometres (13 miles) from Moscow. The emergencies ministry said that 11 people received medical treatment including five people with minor burns but no one was hospitalised. There was no risk of the fire spreading to nearby residential areas, it said. The energy ministry said a high-pressure gas pipe supplying fuel was burning outside the power station itself. Russian television reported that the cause of the fire "could have been an explosion". The smoke and flames were visible from the capital and the emergencies ministry said that the fire blazed over an area of 800 square metres (8,600 square feet). The plume of fire subsided after authorities switched off the gas supply but black smoke continued to billow as gas already released continued to burn. The emergencies ministry said the fire would be localised shortly. One witness, Sofiya Fesenko, watching the fire from her flat in Mytishi, said on Russian television that hot water flowed from cold taps after the fire broke out. "We saw smoke covering half the sky," she said. The emergency services sent in helicopters to drop water and fire-fighting trains to tackle the blaze, with more than 150 firefighters at the scene. Moscow Mayor Sergei Sobyanin wrote on Twitter that the city was sending 50 of its fire engines to the power station. The authorities warned drivers not to use nearby highways as the smoke hindered traffic and one highway leading to Moscow's ring road was closed entirely. The power station was built at the end of the Soviet era and opened in 1996. Its four reactors supply to part of Moscow and the Moscow region with electricity and centralised hot water and heating. The energy ministry said electricity supplies to the public would not be affected and the fire did not damage generation equipment at the station. Russia is economically dependent on its vast oil and gas reserves.

Huge fire erupts at power station outside Moscow

Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year.

The companies said they were well on the way to adapting to the more than halving in prices. But any new sharper downturn would test their ability to invest for growth and retain the relatively large dividends their shareholders expect.

Shell&#39;s stock rose by over 4 per cent as it announced higher quarterly earnings than arch-rival US&nbsp;Exxon Mobil, the world&#39;s largest listed oil company by output and market capitalisation.

The Anglo-Dutch major, which acquired rival BG for $54 billion earlier this year, had been under pressure to cut costs after second quarter earnings came in around 50 per cent below forecasts.

By contrast, BP&#39;s stock fell by more than 4 per cent by 1610 GMT as some analysts said its results were boosted by a one-off tax gain, meaning its longer-term profits and ability to pay dividends could still be at risk. The oil price was trading flat on the day at around $49 a barrel.

Shell&#39;s Chief Executive Officer Ben van Beurden said the oil sector had yet to emerge from troubled waters, but huge cost savings meant oil majors were getting closer to balancing their operations at today&#39;s oil prices of around $50 a barrel.

The prospects for an oil price recovery are still unclear, van Beurden said, despite attempts by OPEC and other producers to agree a deal to limit output and reduce the global glut which has pushed oil prices down by 50 per cent since June 2014.

&quot;Lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain,&quot; van Beurden said.

Future focus

The world&#39;s top oil and gas companies, including Exxon and Chevron, reported sharp drops in quarterly results last week due to lower oil prices and weaker refining margins.

But at the same time, most have shown they were adjusting to the new environment, with both Exxon and Chevron also beating earnings expectations. Chevron plans to focus future growth on U.S. onshore shale production, where investments are smaller and production starts faster compared to large offshore projects.

Shell also sees shale production as a key future growth engine. Its Chief Financial Officer Simon Henry said the oil-rich Permian Basin in West Texas was a &quot;crown jewel&quot;.

Exxon warned it may need to slash proved oil and gas reserves on its books by nearly 20 per cent, or some 4.6 billion barrels, if oil prices stay low for the rest of 2016.

French oil major Total also beat third quarter income expectations helped by cost cuts and new projects and only smaller rivals Norway&#39;s Statoil and Italy&#39;s ENI missed expectations due to lower-than-expected output. BP Chief Financial Officer Brian Gilvary said the British company was on track to rebalance cash flows next year at $50 to $55 a barrel and its future focus areas would include Russia and areas where it could bring technology to bear.

&quot;This allow us to sustain our dividend whilst still investing enough to grow long term,&quot; he said.

In 2014, the world&#39;s top oil companies required an oil price of $113 a barrel in order to cover their spending and dividends, according to Jefferies analysts. The breakeven dropped to around $60 a barrel in 2016 and is expected to hover at around $50 a barrel next year.

BP benefited from UK fiscal regime changes, resulting an a $164 million tax credit in the third quarter, compared with a $1.16 billion tax bill in the same quarter last year.

&quot;Despite mixed numbers and a modest increase in gearing, the overall trend in cost and capex savings and cash flows at BP continues to head in the right direction,&quot; analysts from Morgan Stanley said in a note.

BP reported a near halving in third-quarter earnings and slashed another $1 billion from its 2016 investment plan, while Shell saw an 18 per cent rise in profits and lowered next year&#39;s capital spending to the bottom of the expected range.

Both Shell and BP maintained their dividends unchanged as expected.

At $2.8 billion in the third quarter, Shell&#39;s net income was above Exxon&#39;s third quarter net income of $2.65 billion.

Exxon has not made a big acquisition for more than 5 years but it is still worth more than Shell - its market cap was $345 billion as of Tuesday while Shell was worth $205 billion.

As well as slashing spending, oil companies have scrapped new projects, cut tens of thousands of jobs, renegotiated supply contracts and increased borrowing since prices began a sustained fall in June 2014.

All the majors apart from Eni have maintained or increased their dividends throughout the downturn to retain shareholder loyalty. Shell has not cut its dividend since World War Two.

(Reuters)

Shell's stock rose by over 4 per cent as it announced higher quarterly earnings than arch-rival US Exxon Mobil

Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year. The companies said they were well on the way to adapting to the more than halving in prices. But any new sharper downturn would test their ability to invest for growth and retain the relatively large dividends their shareholders expect. Shell's stock rose by over 4 per cent as it announced higher quarterly earnings than arch-rival US Exxon Mobil, the world's largest listed oil company by output and market capitalisation. The Anglo-Dutch major, which acquired rival BG for $54 billion earlier this year, had been under pressure to cut costs after second quarter earnings came in around 50 per cent below forecasts. By contrast, BP's stock fell by more than 4 per cent by 1610 GMT as some analysts said its results were boosted by a one-off tax gain, meaning its longer-term profits and ability to pay dividends could still be at risk. The oil price was trading flat on the day at around $49 a barrel. Shell's Chief Executive Officer Ben van Beurden said the oil sector had yet to emerge from troubled waters, but huge cost savings meant oil majors were getting closer to balancing their operations at today's oil prices of around $50 a barrel. The prospects for an oil price recovery are still unclear, van Beurden said, despite attempts by OPEC and other producers to agree a deal to limit output and reduce the global glut which has pushed oil prices down by 50 per cent since June 2014. "Lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain," van Beurden said. Future focus The world's top oil and gas companies, including Exxon and Chevron, reported sharp drops in quarterly results last week due to lower oil prices and weaker refining margins. But at the same time, most have shown they were adjusting to the new environment, with both Exxon and Chevron also beating earnings expectations. Chevron plans to focus future growth on U.S. onshore shale production, where investments are smaller and production starts faster compared to large offshore projects. Shell also sees shale production as a key future growth engine. Its Chief Financial Officer Simon Henry said the oil-rich Permian Basin in West Texas was a "crown jewel". Exxon warned it may need to slash proved oil and gas reserves on its books by nearly 20 per cent, or some 4.6 billion barrels, if oil prices stay low for the rest of 2016. French oil major Total also beat third quarter income expectations helped by cost cuts and new projects and only smaller rivals Norway's Statoil and Italy's ENI missed expectations due to lower-than-expected output. BP Chief Financial Officer Brian Gilvary said the British company was on track to rebalance cash flows next year at $50 to $55 a barrel and its future focus areas would include Russia and areas where it could bring technology to bear. "This allow us to sustain our dividend whilst still investing enough to grow long term," he said. In 2014, the world's top oil companies required an oil price of $113 a barrel in order to cover their spending and dividends, according to Jefferies analysts. The breakeven dropped to around $60 a barrel in 2016 and is expected to hover at around $50 a barrel next year. BP benefited from UK fiscal regime changes, resulting an a $164 million tax credit in the third quarter, compared with a $1.16 billion tax bill in the same quarter last year. "Despite mixed numbers and a modest increase in gearing, the overall trend in cost and capex savings and cash flows at BP continues to head in the right direction," analysts from Morgan Stanley said in a note. BP reported a near halving in third-quarter earnings and slashed another $1 billion from its 2016 investment plan, while Shell saw an 18 per cent rise in profits and lowered next year's capital spending to the bottom of the expected range. Both Shell and BP maintained their dividends unchanged as expected. At $2.8 billion in the third quarter, Shell's net income was above Exxon's third quarter net income of $2.65 billion. Exxon has not made a big acquisition for more than 5 years but it is still worth more than Shell - its market cap was $345 billion as of Tuesday while Shell was worth $205 billion. As well as slashing spending, oil companies have scrapped new projects, cut tens of thousands of jobs, renegotiated supply contracts and increased borrowing since prices began a sustained fall in June 2014. All the majors apart from Eni have maintained or increased their dividends throughout the downturn to retain shareholder loyalty. Shell has not cut its dividend since World War Two. (Reuters)

Shell takes top earnings spot from Exxon as oil majors adapt to low prices