NORD STREAM: NO DETAILS
Despite being in the midst of a row on the troubled Turkish Stream project, Chairman of the Gazprom Management Committee Alexey Miller yesterday met with OMV's Rainer Steele to discuss the Nord Stream-2 expansion project.
In a statement released on Gazprom's website yesterday, the company said that the Mr. Miller and Mr. Steele, who is Chairman of the OMV Executive Board, met at Gazprom's headquarters yesterday to hold a working meeting.
The brief statement says that the two discussed the status of the Nord Stream 2 project. No details of what the discussions entailed were included.
Additionally, the statement says, the two sides discussed the possibilities of an asset swap and oil supplies to OMV from the Gazprom Group portfolio. No further details were given about the talks. OMV has not yet released a statement of its own.
OMV and Gazprom are two of the shareholders in the contentious Nord Stream-2 expansion project. BASF, E.ON, ENGIE, and Shell are the four other stakeholders.
The Nord Stream-2 deal has, in recent times, faced harsh criticism from a number of governments, who say the project could destabilise Ukraine and contravene the EU's interests in energy security and diversity. Last week, 10 governments, including Poland, Lithuania, and Greece, sent a letter to the European Commission outlining their concerns and calling for an "exclusive debate", Reuters reported.
The reaction is not the only hurdle Gazprom is facing currently about a pipeline project. Following the downing of a Russian military plane by Turkey last month, it was rumoured yesterday that the Russian government may "freeze" the Turkish Stream pipeline as it imposes sanctions on Turkey.
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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.