UKRAINE GAS DEBT: $5.30 BLN
Russian natural gas monopoly OAO Gazprom said Tuesday that Ukraine's debt for gas deliveries in the first half of June totaled $838 million, which brings its total debt to $5.30 billion.
Gazprom stopped supplying gas to Ukraine from June 16, as both sides failed to reach a compromise on price. Russia's state-owned gas giant said it would only sell natural gas to Ukraine if the latter pays for deliveries in advance.
Ukraine, which is suffering its most acute political and economic crisis in decades, has reduced gas consumption partly due to a warm season, but mostly because its plants and factories are working less. However, it was still pumping in Russian gas in the first half of June.
"Overall Ukraine didn't pay for 11.5 billion cubic meters of gas, a giant volume close to that delivered to Poland annually," said Gazprom Chief Executive Alexei Miller.
However, Kiev disputes the amount Gazprom is charging.
"The head of Gazprom is taking into account neither economy, nor business: it's his unsubstantiated political statements," said Ukraine Justice Minister Pavlo Petrenko, adding that the country wouldn't respond to Gazprom's claim.
Ukraine has filed a lawsuit at Stockholm's arbitrage court against Gazprom and refuses to pay until the court has made a ruling.
Mr. Miller said at the end of June that any further talks with Ukraine on the gas deliveries would resume only after Ukraine pays the debt it owes Gazprom for past gas deliveries.
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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.