RUSSIA: RETURNING TO CRIMEA
Russia is ready to discuss conditions of work on the Crimean continental shelf with the foreign companies that concluded contracts with Ukraine, Novosti Kryma has reported, citing Russian Deputy Prime Minister Arkady Dvorkovich. "If the companies are ready to carry on with projects in the Black Sea area which has legally become part of Russia, we are ready to discuss this with them", said Dvorkovich. It is expected that the taxation regime for those projects will be the same as for Russian projects in the Black Sea. Dvorkovich said the companies should not wait for their countries to recognize Crimea's annexation by Russia because that's an international, not a commercial issue.
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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.