Oil and Gas Industry News

Euro hits a 20-year low against the US dollar [Video]

Another week and yet more pain for the euro. The single European currency was trading below 99 US cents this morning – it’s lowest value in 20 years

It comes after Russia announced that the Nord Stream gas pipeline, which directly supplies Germany, would be shut indefinitely. Worries surround the EU economy – as gas and electricity prices look set to remain high, putting downward pressure on the Euro.

Officially the decision was due to a pipeline leak that the Russian state-owned company Gazprom found. However, the EU has said Moscow is “weponising” energy, due to the bloc’s support for Ukraine

Meanwhile, the US dollar is riding strong – as the American central bank, the Fed – tightens its monetary policy.

The European Central bank is now in a difficult position due to high inflation and a possible recession on the horizon. Analysts expect it to raise interest rates after …

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