Europe: The energy crisis in Europe will worsen. The worry has been increased by Russian energy giant Gazprom's decision to stop gas deliveries to Europe from August 31 to September 2. The continent, which is presently experiencing a severe heatwave, will need to prepare for a harder winter as energy supply uncertainty grows.

Even though Gazprom claims that the Nord Stream pipelines' stoppage is required for maintenance, tensions between Russia and Europe could worsen.

Venezuela was being considered by Europe as a possible substitute for Russia, but it has now decided to stop exporting petroleum to that continent. Following a pact permitting the swapping of oil for debt relief, the nation, which is struggling to operate its own refineries, has resumed exports to Europe following a two-year hiatus caused by US sanctions. However, it is no longer intrigued by the oil for loan transactions.  Refined fuels would aid them in regaining their footing in the energy and industrial sectors, claims Oilprice.com.

In the meantime, the Nord Stream gas supplies from Russia have been interrupted twice in less than two months. The major gas pipeline in Europe, Nord Stream 1, was shut down for maintenance starting on July 11 and lasting for 10 days. Natural gas pipes called Nord Stream 1 and 2 cross the Baltic Sea and are essential for ensuring Europe's energy security.

Even if the price of oil has dropped significantly globally in recent weeks, the shortfall may cause energy prices to rise globally once more in the months to come. The cost of global WTI crude, which is the most actively traded commodity in the world, was barely over $91 per barrel on Monday. Over $97 a barrel was the price of Brent crude.

 Even if Russia has been providing a portion of India's energy needs at a discounted rate, the inflation rate will be directly impacted by the worldwide hardening of crude prices. Due to a decline in food inflation to 6.8 percent, India's retail inflation in July decreased to 6.7%. India's inflation rate in June was 7.01 percent. The economists predict that by the conclusion of the current fiscal year, the country's inflation rate will fall below the 6% threshold.

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