The energy crisis continues to increase its pressure on the euro. In the first transactions of the new week, the euro saw below 0.99 for the first time against the dollar.
The energy crisis in Europe has pushed the continent’s common currency to its lowest level in 20 years.
Euro/Dollar parity tested below 0.99 level and saw its lowest level since 2002.
The recent energy crisis is the main determining factor regarding the pricing above parity.
Russian energy company Gazprom announced that it had indefinitely suspended natural gas shipments through the Nord Stream pipeline.
In a written statement from Gazprom, it was stated that malfunctions were detected in a turbine in Nord Stream, which was taken into maintenance on August 31 and is expected to be operational again tomorrow.
Pointing out that natural gas delivery from the line cannot be made without repairing the faults, it was noted in the statement that it was decided to suspend the natural gas delivery via Nord Stream for an indefinite period.
On the other hand, there was a ceiling price move for Russian oil from the G-7 countries.
In a joint statement, the finance ministers of the G-7 countries confirmed that they agreed to implement a ceiling price for crude oil and oil products to be imported from Russia.
The leaders of Western countries agreed in June to impose a ceiling on the price that refiners and commercial buyers can pay to import Russian crude oil to limit the revenue Moscow can use in the war without cutting off Russian oil supplies.
