The International Energy Agency (IEA) trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic.

Back in 1973, the Organisation of Petroleum Exporting Countries (OPEC) almost brought the US economy to collapse by imposing oil embargo as an answer to Washington’s support for Israel during the Yom Kippur War. Now the cartel turns 60 in not much different situation, but is more prone to do what the US actually wants, Reuters reported.

OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic.

Ukraine's state energy firm Naftogaz confirmed it would not resume buying natural gas from Russia, suspended since late 2015, until Moscow offered it competitive prices and conditions. "Reform of the Ukrainian gas market has created an opportunity for any Ukrainian or foreign trader to buy gas from Russia, should prices and conditions be competitive. But, so far, Russia hasn't offered gas under these terms," Andriy Kobolyev, Naftogaz's chief executive told Reuters in an email. "Ukraine will never go back to the days of corrupt energy deals and energy dependence on Russia, and they know that," he added.

Poland's antimonopoly watchdog UOKiK announced on Monday it had fined Gazprom 213 million zloty ($57m) for lack of cooperation in its proceedings with regard to the Nord Stream 2 pipeline project.

Oil prices fell on Monday, unnerved by the prospect that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world.

The US administration on Wednesday issued strong warning to prevent the completion of new German-Russian and Turkish-Russian natural gas pipelines saying companies involved in the projects would  be subject to US penalties unless they halt their work, news wires reported.

Denmark gave on Monday Nord Stream 2 permission to use pipe-laying vessels with anchors to complete the final stretch of the gas pipeline in Danish waters, removing a key obstacle for the much-delayed project designed to bring more Russian natural gas to Europe, news wires reported.

Anglo-Dutch energy giant Royal Dutch Shell will take a vast second-quarter charge of up to $22 billion due to coronavirus and collapsing oil prices, it announced today quoted by AFP.

British energy group BP, hit hard by the coronavirus pandemic slashing demand for oil, announced Monday the sale of its petrochemical business to rival Ineos for $5.0 billion (€4.4 billion).