TURKISH STREAM IMPLEMENTATION
There are signs that the Turkish Stream pipeline project is coming back to life as tensions between Russia and Turkey appear to decrease.
The pipeline project was suspended at the beginning of the month, because of a deteriorating relationship between the two countries, spurred on by the the downing of the Russian SU-24 bomber by Turkish fighter jets on 24 November. On 3 December 2015, Alexander Novak, the Russian Energy Minister announced that the project was suspended.
Yesterday, however, Mr. Novak said that the project could still be implemented if the European Commission develops corresponding infrastructure for natural gas transportation in Central and Eastern Europe, reported RT.com, a Russian sponsored news organisation. Talks on the project haven't been resumed but the minister said Russia was interested in resuming them.
"If our colleagues are interested in the project's implementation we will continue talks," he said.
It isn't the first time since the talks' suspension that Russia has raised the option of resuming the project. On 17 December, during his annual press conference with Russian media, President Vladimir Putin said that the project would happen if the EU guarantees its success.
"We need guarantees in writing from the European Commission that all routes, including the potential one to Europe through Turkey, may not only be realised but will become a priority with the EC's support. If Gazprom's Turkish partners bring us a document of this sort, we can move on. Unfortunately, it hasn't happened for now," Mr. Putin said.
During the press conference, Putin also accused the Bulgarian government of taking a "toothless stance" in regards to the aborted South Stream, which was cancelled last year and cost Gazprom billions of dollars. "It ignores the country's national interests for some unclear reasons," he said.
In another sign of easing tensions, Energy Minister Novak said yesterday that Russia is ready to increase gas supply to Turkey. "Russia has the gas; Russia's gas is cheap enough; we have the appropriate infrastructure, and we are assuredly ready to deliver and expand deliveries," Minister Novak was quoted by Trend as saying, following a TV interview. "Therefore, I believe this cooperation--economic, commercial--should continue, and will be effective for both parties."
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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.