RUSSIA WILL CONTINUE
Russian natural gas deliveries to Europe should continue uninterrupted in June as commercial disputes between Russia and Ukraine can be resolved in short order, Europe's commissioner for energy said on Tuesday.
"I'm quite optimistic we can solve all open questions [regarding Ukraine and Russian gas to Europe] in the next days," Günther Oettinger said in Prague after meeting with the Czech foreign minister.
Russia has threatened to halt European Union-bound gas flows through Ukraine due to its failure to pay for deliveries between November and May. The stoppage could be averted however by a compromise solution in which Ukraine pays part of its outstanding bill as a show of good faith while it negotiates a new price for future deliveries.
The future price should be closer to the market price that Russia's OAO Gazprom charges its EU customers, he said.
To limit the risk to EU energy security, Mr. Oettinger said the bloc and member states should bolster gas storage facilities, north-south pipeline interconnections and reverse-flow systems.
Such steps would create an integrated market that can deliver liquefied natural gas to landlocked states, eliminating the risk of gas flow-disruptions due to political risk outside the EU.
Mr. Oettinger also said that the European Union would discuss the energy union proposed by Polish Prime Minister Donald Tusk at its June summit. That plan would provide "a common external approach" to strengthen the bloc's position when negotiating with Russia, he said.
Mr. Tusk's proposal that the EU create a new authority to purchase gas for the entire bloc from Russia meets five of six EU policy goals, Mr. Oettinger said.
However the concept of a new pan-European institution for purchasing commodities needs further review for compliance with existing legislation, he added.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.