Today, Friday, the United States and the European Commission announced the formation of a working group to reduce Europe's dependence on Russian oil.

This came in a joint statement by US President Joe Biden and European Commission President Ursula von der Leyen, published on the White House website.

"President Biden and European Commission President Ursula von der Leyen announced the formation of a joint working group to reduce Europe's dependence on Russian oil," the statement said.

He explained that the working group will also work to enhance European energy security at a time when Russian President Vladimir Putin continues his military operation in Ukraine.

"(The working group) will work to ensure energy security for Ukraine and the European Union, in preparation for the coming winter, and made clear that the committee will work to support the European Union's goal of ending its dependence on Russian oil," the statement continued.

The working group will be headed by a representative of the White House and a representative of the President of the European Commission, according to the statement, which indicated that the team will focus its efforts on two main goals:

  • Diversify the supply of LNG in line with the goals of fighting climate change.

  • reduce the demand for natural gas.


More American gas to Europe

Biden said on Friday the United States would supply more liquefied natural gas to the European Union to help it reduce its dependence on Russian supplies, as EU leaders meet to discuss ways to deal with a war-related energy crisis.

The joint statement stated - today, Friday - that the United States will work to ensure additional liquefied natural gas supplies to the European Union market of at least 15 billion cubic meters in 2022, with increases expected in the future.

The statement said that the Commission will work to consolidate demand through new energy platforms for additional supplies between April and October


.

He added that it would work to ensure the stability of demand for additional LNG from the United States at about 50 billion cubic meters annually until at least 2030.

Russia supplies 40% of the European Union's gas needs and more than a quarter of its oil imports.

European Union leaders are scheduled to discuss - on Friday - ways to curb the rise in energy prices.


Oil is going down

Oil prices fell today, Friday, as supply concerns eased in light of the continued division of European Union countries over the imposition of an oil embargo on Russia, while the United States and its allies are considering releasing more oil from storage to calm markets.

Brent crude futures fell by 0.4% to $118.57 a barrel by 05:29 GMT, after


falling 2.1% in the previous session.

US West Texas Intermediate crude futures fell 0.4% to $111.87 a barrel, after losing 2.3% in the previous session.

Both contracts are heading to achieve their first weekly increase in 3 weeks, as Brent is heading for a 10% jump, while West Texas Intermediate is heading to rise by 7% after great fears of a supply crisis caused by the European Union's thinking to boycott Russian oil at a time previous week.