RUSSIAN GAS TO FRANCE: + 9%
GAZPROM - A working meeting between Alexey Miller, Chairman of the Management Committee of Gazprom, and Gerard Mestrallet, Chairman of the Board of Directors of ENGIE, took place today at the St. Petersburg International Economic Forum 2017.
The parties discussed Russian gas supplies to France. It was noted that gas exports to the country had increased by 18.2 per cent in 2016, reaching a total of 11.5 billion cubic meters. The upward trend continues: from January through May 2017 Russian gas deliveries to France added 8.8 per cent compared to the same period of 2016.
The meeting participants also reviewed the progress of the Nord Stream 2 project.
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U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.
U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.
WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.
REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.