THE STRATEGIC TASK OF THE EU
"The strategic task of the European Union's Energy Union is to diversify sources and delivery routes of energy in order to guarantee energy security for the EU and make energy prices controllable," European Commission Vice President Maros Sefcovic said at a news conference in Brussels on Thursday.
He said the Energy Union's activities would not deprive Ukraine of incomes from transmitting Russian natural gas to Europe and ruled out the possibility of the EU ever being the cause of any anxiety about gas transit through Ukraine.
"There exists excellent cooperation between the EU and Ukraine. The EU is closely monitoring the volumes of natural gas stored in Ukraine. Today the country has 8 billion cubic meters in its depots, and this is enough for full-scale transit to Europe. However, it is essential to boost the reserves to 20 billion cubic meters by next winter," Sevcovic said. He also said it was up to the Ukrainian government to decide how much to import from Russia and how much to receive through reverse pipeline deliveries from Europe.
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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.