RUSSIA WANTS 13%
Russian President Vladimir Putin has said that his country plans to increase its natural gas output over the coming decades while also aiming for a 13% share of the global LNG market.
Addressing the Gas Exporting Countries Forum (GECF) in Tehran on Monday, President Putin said that the country has made huge efforts in the gas market that will increase even further in the coming years.
"Russia has made huge investments in exploration, refining, and transportation of gas and holds a great share of supplying security. The country plans to increase its output to 855 billion cubic meters per year by 2035," he said.
He said that Russia plans to export 128 billion cubic meters per year of gas to Asia in future. President Putin also added that Russia is planning to produce 60 million tons of LNG annually to boost its share in LNG markets to 13%.
Describing the GECF summit, the Russian president said: "I am certain that this summit will be an important one. I think that there are many critical issues in this area and one of the issues is that gas is one of the factors for sustainable development."
He added that close cooperation between producers and consumers of gas is one of the elements of sustainable development.
In the same speech, he described natural gas as one type of energy that is clean and cost effective and called on gas producers to utilise their resources to create necessary infrastructures.
"We must reduce the risks for investments," he said. "The transfer of natural gas must be secured and all the consumers and the producers must play their role and we believe that new technologies are changing the gas market."
|July, 23, 13:55:00|
|July, 23, 13:50:00|
|July, 23, 13:45:00|
|July, 23, 13:40:00|
|July, 23, 13:35:00|
|July, 23, 13:30:00|
IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.