OMV: I'M BACK
Commenting on a statement by Gazprom on February 2 that Austria had imported 76.2% more gas this January than it had in January 2015, the country's dominant supplier OMV said that was because deliveries last year had been low for unspecified "technical reasons." "We are however back to normal levels this year," a spokesperson said. Gazprom said exports to Austria in 2015 were up by 11.5% in 2015 on the year but gave no volumes for either period.
Gazprom issued its statement after Austria's vice-chancellor Reinhold Mitterlehner visited Moscow and met Gazprom CEO Alexei Miller. The meeting covered other projects of common interest, including Nord Stream 2 in which OMV is a shareholder; and the increase of storage capacity at Haidach.
In 2015 the aggregate working capacity rose by 150mn m³, or about 5% to 2.98bn m³, making it the third largest in Europe. At the same time, its peak daily withdrawal capacity grew by 1.55mn m³/d to 29.9mn m³/d.
This was achieved at no extra cost, Gazprom said. Gazprom owns 66.7% of the plant but the operator is Austrian RAG.
Haidach's chief function is to secure the reliability of Russian gas exports towards Austria's Baumgarten hub, which is the delivery point for gas sales to Slovenia, Croatia, Hungary, Austria, Germany, Slovakia and Italy.
Other buyers are also taking more gas from Russia, although for different reasons. For example, Italian Eni in January apparently agreed to take more gas than the minimum it had to under its take-or-pay commitments. Gazprom said at the time: "The companies confirmed their intention to continue closely cooperating in the Italian gas market and expressed their readiness to increase Russian gas sales under the existing long-term contracts."
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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.