GAZPROM & CNPC ROUTES
Gazprom, June 24, 2016, 13:40. A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Zhang Gaoli, Vice Premier of the State Council of the People's Republic of China, took place today in Beijing.
The parties addressed further steps in the bilateral strategic partnership in the gas industry, particularly Russian gas exports to China. Among other issues discussed were prospects for cooperation in the field of underground gas storage and power generation in China.
Another working meeting was held today between Alexey Miller and Wang Yilin, Chairman of the Board of Directors of CNPC. The parties touched upon the project for gas deliveries via the eastern route. It was noted that the project was running on schedule. Special attention was paid to the upcoming construction of the Power of Siberia cross-border section. Russian gas supplies via the western route were also negotiated in depth.
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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.