RUSSIAN GAS FOR CHINA
GAZPROM - July 4, 2017, 16:15, Alexey Miller, Chairman of the Gazprom Management Committee, and Wang Yilin, Chairman of the Board of Directors of CNPC, signed in Moscow a Supplementary Agreement to the Sales and Purchase Agreement for Russian gas to be supplied via the eastern route, which had been inked by the parties on May 21, 2014.
The ceremonial exchange of the signed documents took place in the presence of Vladimir Putin, President of the Russian Federation, and Xi Jinping, President of the People's Republic of China.
According to the Supplementary Agreement, gas supplies to China via the Power of Siberia gas pipeline will commence in December 2019.
"The signing of this document is a crucial step in the implementation of the project, a step achieved by Gazprom and CNPC thanks to clear and concerted action on both sides of the border. Our work is strictly on schedule, even ahead of schedule regarding Power of Siberia. Russian gas supplies to China will come right on time," said Alexey Miller.
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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.