The European community could look to Iran as a reliable partner as it struggles to add a layer of security to its energy sector, Iran's trade minister said.
Trade Minister Mohammad Reza Nematzadeh said Monday that "Iran should be considered a reliable partner for natural gas supplies to Europe."
Iran has the second largest deposits of natural gas in the world, though the sector is undeveloped because of a lack of foreign investments.
Iran once touted its reserves as a viable source of natural gas for the so-called Southern Corridor, a network of gas transit sectors meant to break Russia's grip on the energy sector. Sanctions imposed on Iran for its controversial nuclear program meant that option was left on the sidelines.
Iran uses more than half of the natural gas it produces.
Russian energy company Gazprom said the supply of natural gas sent to Europe through Ukraine is in jeopardy because of Kiev's mounting gas debt. Europe relies on Russia for about a quarter of its gas, but most of that is sent through a Soviet-era transit network in Ukraine.
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REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.
Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.
WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.
U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.