7:40 am: Why are natural gas prices so high?

As Putin concludes his keynote address to the Russian Energy Week plenary session, here is a useful explanation of the ongoing energy crisis in Europe.

A perfect storm of bad news for the energy markets consisted of skyrocketing natural gas prices, soaring coal and carbon costs, low wind generation, and forecasts of a return to $ 100 in oil.

Policy makers are trying to mitigate the impact on consumers and protect vulnerable households.

– Sam Meredith

7:35 am: Putin says Russia is ready to discuss further measures to supply gas to Europe

Russian President Vladimir Putin said on Wednesday the country was ready to discuss further measures to supply natural gas to Europe, adding that he believed Moscow was on track to deliver record levels of gas to the market. worldwide by the end of the year.

Speaking on stage at Russian Energy Week, Putin said, according to a translation: “For any market, stability and predictability are important and Russia fully fulfills its contractual obligations to our partners, including our partners in Europe. “.

“We provide guaranteed and uninterrupted gas deliveries to Europe. We have every reason to believe that by the end of this year we will reach record levels of gas deliveries to the world market.

Putin said the country would be ready to discuss any further steps to provide new gas deliveries to Europe, echoing comments from the Kremlin earlier today.

His comments come shortly before a CNBC-moderated panel on global energy, where Putin will be joined by BP CEO Bernard Looney, TotalEnergies CEO Patrick Pouyanne, ExxonMobil CEO Darren Woods and Daimler CEO Ola. Kallenius.

– Sam Meredith

6:35 am: IEA’s Birol says soaring energy prices must not derail climate policy

The chief executive of the International Energy Agency told CNBC on Wednesday that soaring energy prices must not derail the urgent need to dramatically reduce global consumption of fossil fuels.

“The high prices of coal, gas or oil, they have nothing to do with the clean energy transition,” said Fatih Birol. “I see some people saying they are trying to present this current situation as the first crisis in the clean energy transition – which is incorrect.”

He added: “If it is not treated properly by governments and others … and if the real facts are not made public, it could well constitute a significant obstacle to further policy action. climate. “

His comments come just weeks before a historic international climate change summit in Glasgow, Scotland.

– Sam Meredith

6:05 am: Russia hits new daily Covid death record as infections rise and vaccinations lag

5:45 am: Russia says gas supplies to Europe are at peak levels, with any increase to be negotiated with Gazprom

Kremlin spokesman Dmitry Peskov said on Wednesday that Russia was supplying gas to Europe at maximum levels under existing contracts, according to the TASS news agency.

Any potential increase in supply would have to be negotiated through Russian energy giant Gazprom, Peskov said, adding that Moscow stands ready to increase gas transit through Ukraine if the European Union increases its purchases.

“We can say that Russia fully fulfills all contractual obligations under the upper bar, that is, to the maximum possible, all volumes of supplies have been increased in the light of existing contracts and agreements,” Peskov said, TASS reported.

– Sam Meredith

5:50 am: Putin to deliver opening remarks at Russian Energy Week

Russian President Vladimir Putin is due to deliver a speech at the plenary session of the Russian Energy Week International Forum in Moscow on Wednesday.

His opening remarks precede a panel moderated by CNBC on Global Energy, where Putin will be joined by BP CEO Bernard Looney, TotalEnergies CEO Patrick Pouyanne, ExxonMobil CEO Darren Woods and Daimler CEO Ola Kallenius. .

CNBC’s Hadley Gamble is expected to welcome the business leaders on stage around 1:00 p.m. Moscow time (6:00 a.m.ET), with Putin scheduled to speak for about 15 minutes afterward.

– Sam Meredith

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