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Oil prices reached a two-week high due to optimism about a potential trade war resolution between China and the US. China is advancing towards energy self-sufficiency and becoming an “electrostate,” while the EU’s plan to phase out Russian gas by 2027 poses risks for US LNG exporters, with significant investments at stake if Russian gas returns. The EU’s proposed “road map” for phasing out Russian fossil fuels raises legal concerns among member states regarding contract terminations and compliance risks.
