RIYADH: Geopolitical tensions between Russia and Ukraine are affecting countries and firms worldwide. Lithuania is seen halting Russian imports and securing domestic supply, while France is asking people and businesses to reduce their usage to avoid a power shortage.
Separately, firms such as car maker Tesla are reporting record deliveries in Q1, despite the existing supply crunch that has been exacerbated by the war.
Looking at the bigger picture:
·Lithuania is planning to stop importing natural gas from Russia in order to meet local needs, making it the first European country to have cut dependence on Russian supplies, Reuters reported, citing the country’s energy minister.
That said, all-natural gas for the country’s local consumption is to be imported through the liquified natural gas terminal in the city of Klaipeda.
·France’s electricity grid manager has asked corporations and homes to slash consumption on Monday, amid high demand at a time when 50 percent of the country’s reactors are offline, Bloomberg reported.
This comes as projections indicate that while consumption on Monday could hit 73,000 MW, generation will stand at only 65,000 MW.
·Japan is contemplating the expansion of a gasoline and other fuels-related subsidy to cushion consumers from rallying energy costs, US News reported, citing the country’s industry minister.
If applied, the measure will be part of a relief package put together by the Asian country’s prime minister Fumio Kishida to shield the economy from skyrocketing costs associated with fuels and raw materials.
Through a micro lens:
·American electric vehicle company Tesla reported record deliveries in the first quarter of 2022 vehicles, despite a slip in production due to the supply crunch, Bloomberg reported.
Deliveries in the first quarter of 2022 amounted to 310,048 vehicles, up 68 percent from the corresponding period a year earlier.
·American multinational oil and gas corporation Exxon Mobil has received a green light from Guyana’s Environmental Protection Agency to commence work on its fourth offshore oil project in the South African country, Reuters reported.
Also referred to as Yellowtail, the project is the latest out of 10 anticipated oil producing projects this decade.