LNG

Global and natural gas stalwart companies BP of the UK and Equinor of Norway will face combined earnings hits of around $27 billion by exiting their Russian business ventures because of the Ukraine invasion, with BP taking the largest profits impairments by breaking up with Rosneft.

North Sea Brent crude oil prices rose to their highest level in seven-and-a-half years as European natural gas and LNG cargo prices gained 20 percent after Russia said it was taking military action in neighbouring majority ethnic-Russian areas of Ukraine.