EU FREEZE RUSSIA
TT. EU set to freeze plans to complete the $50bn South Stream gas pipeline through the Black Sea from Russia.
The European Union is close to freezing plans to complete the $50bn (£30bn) South Stream gas pipeline through the Black Sea from Russia, the first serious EU action to punish the Kremlin for the seizure of Crimea.
Key details emerged in a leaked briefing by the European Commission's chief, Jose Manuel Barroso, to Bulgarian politicians, warning the country not to stand in the way of the EU's tough new line on the project, or attempt to undercut a unified EU response over Ukraine. "We are telling Bulgaria to be very careful," he said, according to reports in Bulgaria's press.
Mr Barroso said there are "people in Bulgaria who are agents of Russia", a reference to figures in the ruling Socialist party who have been trying to clinch a bilateral deal with the Kremlin.
The warning came as Ukraine once again rattled investors. Russia's Micex index of stocks fell 2.4pc and the rouble slid 1pc against the dollar after armed pro-Russian protesters seized government buildings in the eastern Ukrainian city of Donetsk and declared the region "independent". They also stormed offices in Kharkiv and Luhansk.
Ukraine's premier, Arseniy Yatsenyuk, accused Russian president Vladimir Putin of preparing the ground for seizure of the Donbass region, home to most of Ukraine's heavy industry. "The aim of this scenario is to divide Ukraine into parts and turn part of Ukraine into a slave territory under a Russian dictatorship," he said.
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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.