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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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.