IRAN & RUSSIA GAS
Iran is not ready to replace Russia as a key gas supplier if sanctions against Tehran are removed, Itar-Tass news agency quoted Iranian President Hassan Rouhani as telling Russian TV channel Rossiya 1.
The European Union is quietly increasing the urgency of a plan to import natural gas from Iran, as relations with Tehran thaw while those with top gas supplier Russia grow chillier, a European Commission source told Reuters in September.
"We are lagging in production and think about domestic consumption first," Rouhani told the channel in an interview. Iran has the world's second-largest gas reserves after Russia.
"From time to time, we have problems during winter and then, you know, we have many buyers, clients around us... All our neighbours to the east, west and south want to buy gas which we are yet to produce," he said.
Russia is currently Europe's biggest supplier of natural gas, meeting a third of its demand worth $80 billion a year. The EU has imposed sanctions on Moscow over the conflict in Ukraine, increasing the need for gas from elsewhere.
"Conditions today are not such when everybody would think that if Russia stops gas supplies tomorrow then this gas would be supplied by Iran," Rouhani added. "Our production is far from this stage yet."
Iran, which needs to add large pipeline infrastructure, has long lobbied to build a designated pipeline that would connect its huge South Pars gas field with European customers - the so-called Persian Pipeline.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.