TAPI STARTS: $10 BLN
Turkmenistan on Sunday began building its segment of a natural gas pipeline to Afghanistan, Pakistan and India (TAPI), a $10 billion project designed to ease its dependence on Russia and China.
The ground-breaking ceremony took place near the city of Mary in the southeastern part of the Central Asian country, close to the giant Galkynysh gas field which is meant to provide gas for the 1,814-kilometre (1,127-mile) link.
"By December 2019, the pipeline will be completed," Turkmen President Kurbanguly Berdymukhamedov said at the ceremony.
"It will have a capacity of 33 billion cubic metres."
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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.