Austria International Oil and Gas Industry News

Read the latest headlines about developments in the international oil and gas industry in Vienna and Austria

OPEC Celebrates its 62nd Anniversary

The Organisation of the Petroleum Exporting Countries celebrated the 62nd anniversary of its founding this week.

September 16, 2022

State of the EU 2022 Speech: Austria Wants to Usher in a Modern EU Future

The State of the EU address by Commission President Ursula von der Leyen addressed many acute issues, including the war in Ukraine and its international repercussions. Austria's Minister for Europe responded.

September 15, 2022

Lufthansa and OMV Cooperate Over Sustainable Aviation Fuel

OMV, the international integrated oil, gas and chemical company headquartered in Vienna, and Lufthansa Group are expanding a partnership on sustainable aviation fuels. Germany's Lufthansa plans to stock up on sustainable aviation fuel (SAF) from OMV in the future.

September 13, 2022

Austrian Gas Storage Facilities Over 70 Percent Full

Austria's gas storage facilities are already more than 70 percent full. The contingency plans to secure gas supplies that were put into action as a result of the war in Ukraine and the ongoing energy crisis go according to plan as announced by Austria's government.

September 12, 2022

Austrian Government has Agreed on Electricity Price Brake

The Austrian federal government has agreed on the long-discussed "electricity price brake" to cushion the high cost of energy. According to information from the federal government, each household will pay a lower electricity price for that share of electricity consumption which corresponds to 80 percent of the average consumption of an Austrian household in the previous year.

September 7, 2022

OPEC+ Decides on Slight Cut in Production

The alliance of oil exporting countries cuts production. Saudi Arabia and Russia are sending a clear signal to the West. With the cutback, the hopes of oil importers in Europe that they would at least be relieved of the burden of crude oil in the face of rapidly rising gas prices are fading.

September 5, 2022

Austria's President Van der Bellen Brings in Experts on Energy and Climate Issues as Advisors

Ex-Verbund boss Wolfgang Anzengruber and Wifo economist Angela Köppl are volunteering their expertise to Austrian President Van der Bellen. According to the Federal President's Office, the war in Ukraine and inflation, as well as the slowly emerging energy crisis in Europe, call for expert advice on energy economics and climate issues.

August 31, 2022

Crisis Around Viennese Energy Supply Company "Wien Energie"

Austria's largest energy supplier urgently needs money to hedge forward transactions. Otherwise, the company would have to realize huge losses.

August 30, 2022

Austrian Chancellor Nehammer Calls for EU-27 to Stand Together for European Electricity Price Cap

Given the sharp rise in energy prices, Austrian Chancellor Karl Nehammer is calling for a European electricity price cap to "finally" put a stop to "this madness that is currently taking place on the energy markets. According to Nehammer. this is only possible through a European solution.

August 29, 2022

Austria's Gas Storage Facilities Almost 60 Percent Full

As a result of the war in Ukraine, contingency plans are being put in place in Europe, as well as in Austria, to secure gas supplies. Gas storage facilities in Austria are 59.83 percent full. This means that a total of 57.2 terawatt hours (TWh) of natural gas is stored in domestic storage facilities.

August 17, 2022

Iran Nuclear Talks: Iran Can Build Nuclear Bomb, But Does Not Intend to Do So

Iran says it is technically capable of producing a nuclear bomb. But the country does not intend to do so, the semi-official Fars news agency quoted the head of Iran's Atomic Energy Agency, Mohammed Eslami.

August 1, 2022

Viktor Orbán Meets Austrian Chancellor for Controversial Talks in Vienna

Viktor Orban, the polarising Prime Minister of Hungary, met with Austrian Chancellor Karl Nehammer last week in Vienna. The two statesmen expressed friendship, but also disagreed on some issues.

August 1, 2022

OPEC Welcomes New Secretary General Haitham Al-Ghais

Haitham Al-Ghais of Kuwait has taken over the position of Secretary General of the Organization of Petroleum Exporting Countries (OPEC). He replaces Mohammed Barkindo, who died unexpectedly in July.

August 1, 2022

Earth Overshoot Day: World has Already Used Up Resources

The Earth's natural resources for this year will have been depleted by tomorrow. By tomorrow, ecosystems would need about a year to replenish their resources. According to the Global Footprint Network, which is based in the United States and Switzerland, Earth Overshoot Day is slightly earlier this year than last.

July 27, 2022

Austria Will Take Common Line with Germany on Gas Storage

Germany and Austria have joint responsibility for storing gas, according to Energy Minister Leonore Gewessler (Greens). "We have always coordinated well with Germany," the minister said today, referring to the Haidach storage facility near Salzburg, which is also important for Germany.

July 25, 2022

New EU Gas Emergency Plan: "Must Prepare for the Worst Case"

Recently, the European Commission presented its new EU Gas Emergency Plan under the title "Save gas for a safe winter". In this, the European Commission assumes that consumers can save up to 15% gas. The Austrian Federal Economic Chamber is pleased with the Commission's plans.

July 22, 2022

Austrian Federal President: "We Must Not Allow Ourselves to Be Divided"

Austria's Federal President Alexander Van der Bellen addressed the current challenges and hardships in a gripping opening speech at the Bregenz Festival.

July 21, 2022

How the War in Ukraine Affects Austrian Businesses

Besides causing enormous humanitarian and political problems, the Russian invasion has also caused a chain reaction in the economy that has been felt worldwide. Austrian Institute of Economic Research (WIFO) published a survey that examines exactly these questions in order to determine how strongly Austrian companies feel the crisis impacts them and which sectors are most affected.

July 19, 2022

Germany and Austria Seek Stronger Cooperation on Energy Security

Germany and Austria, seeking closer cooperation between the two countries in the current energy crisis, signed a joint declaration this week to mitigate the looming energy crisis.

July 15, 2022

Austria's and Hungary's Foreign Ministers in Talks: "Western Balkan Enlargement is the Best Geopolitical Tool We Have"

During a recent visit to Vienna, the Hungarian Foreign Minister Péter Szijjártó met with the Austrian Foreign Minister Alexander Schallenberg. Apart from bilateral issues, the meeting focused on the Russian aggression in Ukraine and its effects on Central European neighbors and Western Balkans. The two foreign ministers also discussed European energy security.

July 15, 2022

Austrian Chancellor Visits Israel: "Possible Partner for Future Gas Purchases"

Austria's Chancellor travelled to Israel this week to meet with Israel's Prime Minister Yair Lapid. During his visit, the Chancellor expressed interest in Israel's weapons technology and future gas supplies. Besides signing a strategic partnership, Nehammer also visited the Holocaust memorial Yad Vashem.

July 13, 2022

OPEC Secretary General, Mohammad Barkindo Passed Away Unexpectedly

Last night, OPEC Secretary General Mohammed Sanusi Barkindo passed away unexpectedly at the age of 63. His Excellency Mohammed Sanusi Barkindo of Nigeria had been Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) for the past six years and was due to hand over to Haitham Al-Ghais of Kuwait in early August.

July 6, 2022

Why Germany and Austria Are More Dependent on China for Strategic Raw Materials than on Russian Gas

China has established global dominance over many of the strategic raw materials needed to be competitive in the economy of the future. Read how Austria, Germany, and others have arguably become more dependent on these materials from China than on Russian gas.

July 5, 2022

OPEC Releases Annual Flagship Publication in Vienna

This week, the Organisation of Petroleum Exporting Countries (OPEC) presented its Annual Statistical Bulletin (ASB) 2022. This report, which presents a large number of statistics and data on oil market developments in recent years, is the organisation's most important publication alongside the World Oil Outlook.

June 28, 2022

OPEC Secretary General Receives Special Award

The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo from Nigeria was today presented with the Silver Decoration of Honour with Sash of the Republic of Austria by Federal President Alexander Van der Bellen in recognition of his achievements during his two terms as Secretary General of OPEC.

June 24, 2022

Three Seas Initiative in Riga for Common Ground against Russia

The Three Seas Initiative met in Riga. Austria and eleven other Central Eastern European countries accepted Ukraine as a member of the Three Seas Initiative at the Presidential Summit in Riga. Austrian President Van der Bellen traveled to Riga and appealed for unity against Russia.

June 20, 2022

Austria Goes Back to Coal Power

The Mellach heating power plant in Styria, which is currently shut down, is to be converted so that electricity and heat can be generated there again from coal in an emergency. This was confirmed by Austria's Chancellor Nehammer.

June 20, 2022

UNIDO Strengthens Cooperation Between Italy, UN Agencies and Private Sector

United Nations Industrial Development Organization Chief Gerd Müller traveled to Italy. The aim of the trip was to intensify the cooperation with Italy. Müller met Italian diplomats, representatives of the business community and the United Nations in Rome and signed an agreement with the Italian energy company Eni.

June 19, 2022

Austrian Chancellor Strengthening Partnership with Estonia

Austrian Federal Chancellor Karl Nehammer met the Estonian Prime Minister Kaja Kallas in Tallinn for working talks. The meeting focused on bilateral relations, digitization, the war in Ukraine and the energy transition of the European Union.

June 10, 2022

EU Oil Embargo: Little Impact on Austria's Economy Expected

The planned EU embargo on Russian oil in response to the war of aggression in Ukraine will have far-reaching consequences for Europe. This is also the case for Austria. In a report, the Austrian National Bank examines the impact on the Austrian economy and forecasts comparatively mild effects. Nevertheless, the embargo conceals a number of risks that could also have a serious impact on Austria.

June 8, 2022

OPEC Considers Possible Exclusion of Russia From Oil Production Agreement

OPEC countries are apparently considering the exclusion of non-OPEC member Russia from the concluded oil production agreement. According to a report in the Wall Street Journal, which cites statements from insider circles, other OPEC countries could step in to meet production targets following Russia's exclusion.

June 1, 2022

Austria Against Gas Embargo

Austrian Chancellor Karl Nehammer and Austria are against a gas embargo and Chancellor Nehammer emphasized that a gas embargo will not be part of further sanctions.

May 31, 2022

OPEC Holds Special Workshop on Climate Change: "Challenges and Opportunities for Energy-Exporting Developing Countries.”

The Vienna-based Organization of Petroleum Exporting Countries (OPEC) recently hosted the fifth Climate Change Technical Workshop under the theme "The first global stocktake under the Paris Agreement: challenges and opportunities for energy-exporting developing countries." OPEC hosted the event ahead of the 21st OPEC Climate Change Coordination Meeting, which will be held on May 31, 2022.

May 30, 2022

Think Tank: Concerns About EU Sanctions Against Russian Oil and Gas

For some time now, the business community has been complaining about the lack of information on how gas and oil will be distributed sensibly in the event of a supply freeze from Russia. The Austrian Economic Research Institute (WIFO) is also concerned about the future of the energy supply and discusses possible solutions.

May 29, 2022

Austrian Exit From Russian Gas Possible: "Major Effort Necessary"

The exit from oil and gas supplies from Russia, which has been much called for at both national and international level, has been occupying the EU and also the Austrian government for weeks. Now the Austrian Energy Minister has presented a plan on how this planned phase-out can be achieved by 2027 and what concrete measures need to be taken to achieve it.

May 19, 2022

How China's Global Infrastructure Strategy Undermines European Integration in the Western Balkans and Beyond

The accession of the Western Balkans countries into the European Union continues to be a topic of debate amongst the EU Member States. Read how China's global infrastructure strategy may be undermining these countries' aspirations for EU membership.

May 19, 2022

War in Ukraine Continues to Dominate Austria's Economic Outlook

In a recently published report, the Austrian Institute of Economic Research (WIFO) gives an insight into Austria's economic situation and forecasts the development of the economy over the next few years. The Omikron wave and the war in Ukraine will continue to slow down Austria's economic growth in the next few years and no relief is expected for the time being. Nevertheless, there is also good news concerning the labour market.

May 12, 2022

Austria and the Indecision for the Gas Embargo

The war in Ukraine has been raging for two months. To stop Russia, a great many countries have imposed tough sanctions on Russia. Many European countries and the U.S.A. want to impose a gas embargo on Russia. Austria is still very cautious about this step.

May 3, 2022

Russian Gas Supplies: Wien Energie Invests One Billion Euros in Gas Exit

Austria's largest energy company, Wien Energie, is taking a big step towards independence from Russian gas supplies. The company is investing a sum of one billion euros in the expansion of renewable energies and thus wants to end the purchase of fossil fuels step by step in the next 5 years.

May 2, 2022

Austria Could Be Independent of Russian Gas by 2027

In order not to be further dependent on gas supplies from Russia, the Austrian energy minister is planning to phase out Russian gas by 2027. Since Austria is enormously dependent on Russian suppliers, it is not possible to do without imports in the short term. If you want to know what measures Austria will strive for, read on.

April 27, 2022

6.8% Inflation: How Private Households are Affected by Rising Prices

Inflation in Austria remains historically high and is pushing many households to their limits. Whether it's high gasoline prices or horrendous living costs, everyone is feeling the inflation. How the average household is affected by these problems and what impact they have on lower-income households, read here.

April 20, 2022

EU Commissioner For Energy in Vienna

The Russian invasion of Ukraine shook global energy markets. The EU Energy Commissioner is in Vienna on Monday and Tuesday to discuss the EU's energy outreach in the context of Russia's military aggression against Ukraine.

April 11, 2022

Russian Aggression Against Ukraine Provides Opportunity Against Climate Change

The Russian Invasion of Ukraine has challenged many old structures globally. One of those structures is the energy infrastructure of Europe. The Russian Aggression has put Europe in an energy crisis. This crisis could give momentum to combat climate change.

April 11, 2022

Due to the Ukraine War: Austrian National Bank Still Expects Huge Inflation in 2022

Shortages of raw materials and high energy prices, triggered by the Russian war of aggression in Ukraine, have led to an increased inflation rate of 5.6% in Austria. After the highest measured inflation rate in March 2022 since joining the monetary union, there is no easing now; this is not expected until 2023.

April 11, 2022

Russo-Ukrainian War - EU Adopts Fifth Sanctions Package to Put Pressure on Russia

Recently, new sanctions against the Russian state were published. The EU is trying to put economic pressure on the Kremlin and cut off the sources of financing for the invasion of Ukraine. What new measures are taken, you can read here.

April 8, 2022

Europe's Energy Dilemma Requiring Austria and Germany to Rethink in Wake of Russian Aggression

Due to the Russian aggression against Ukraine, Europe has to face new questions about energy policy, which had been known for many years but were largely ignored and deferred. The much-discussed gas embargo in recent weeks is to further intensify the sanctions against Russia and its economy. Read more about the current situation.

April 6, 2022

OPEC Secretary General Barkindo to Become Distinguished Fellow of the Atlantic Council

Mohammad Sanusi Barkindo, the Secretary General of OPEC, was recently awarded a Distinguished Fellow of the Atlantic Council. Find out what he said about his organisations headquarter location and about a speech he gave at the Diplomatic Academy of Vienna.

April 5, 2022

Economic Outlook for Austria: The Kremlin's Aggression against Ukraine is a Game Changer

After a few tough years in which the Covid-19 virus shaped the Austrian economy, a new enormously important factor is coming into play - the war in Ukraine. The Russian aggression led to more pessimistic economic outlook and will still play an enormous factor in the Austrian market in the future.

April 4, 2022

NATO and EU Military Committee Meet Regarding Western Balkans

A joint meeting of the NATO Military Committee and the European Union Military Committee was held to discuss the current security situation in the Western Balkans as well as the EU's ongoing Operation Althea. In the context of the Russian military aggression on Ukraine, stability in the Balkans increases in importance.

March 29, 2022

Nehammer at EU Summit: Russia Sanctions and Western Balkans Support

The EU summit, which was also attended by U.S. President Joe Biden, focused on the political crisis caused by the Russian invasion of Ukraine. Austrian chancellor Karl Nehammer attended the European Council too and expressed the importance of stability in the Balkans. Read about the European Council and the chancellor's visit to Brussels.

March 28, 2022