RUSSIA COULD BUILD
Russia might direct a new pipe to Bulgaria functioning as a ramification of its planned gas pipeline to Turkey, President Vladimir Putin has hinted.
Speaking at a press conference after his meeting with Hungarian officials on Tuesday, he added such a project might be carried out if it could rely on EU funding.
He added Russia was ready to consider, together with is partners, "alternatives" to South Stream, but would not renounce cooperation with Turkey on the other project and would be unable to return to South Stream in its previous form, according to TASS news agency.
Russia scrapped in December the South Stream pipeline pumping gas into Central Europe through Bulgaria, Serbia and Hungary, citing EU opposition and Bulgarian reluctance to issue the necessary construction permits. President Putin then said energy giant Gazprom would build a pipeline to Turkey, the so-called Turkish Stream, using most of South Stream's planned route.
While in Budapest, where his visit resulted in new agreements in energy cooperation, Putin added that Moscow could in no way return to South Stream following the developments of last summer.
"We are not intending to punish anyone or to be offended to anyone... if this is logically possible, we are ready to reach Bulgaria after [we build "Turkish Stream"] - the European Commission has already asked us to do so. We are also ready to reach Greece," the Bulgarian News Agency quotes Putin as saying.
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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.