OPEC`s decision not to reduce oil production will affect major oil producers and may undermine the global oil industry, planting the seeds for a major oil crisis in 2015 or 2016, international oil economist, Dr. Mamdouh Salameh told RT.
The Ukrainian Supreme Commercial Court of Appeal has upheld the nationalization of 1,433 kilometers of pipeline through the country which it says was illegally registered in the name of a subsidiary of Russia’s Transneft.
Air pollution, mainly from a small number of coal fired power stations in Germany and Eastern Europe, cost the EU up to €189 billion in 2012, according to a study by the European Environment Agency (EEA).
If European countries don’t want to eliminate gas supply problems by building the South Stream pipeline, they should take responsibility for the possible transit risks, said Russian Minister of Economic Development Aleksey Ulyukayev.
US prosecutors are set to travel to London in the forthcoming weeks to probe City traders about currency market manipulation. However, British prosecutors are yet to file a criminal charge against UK financiers who rigged the rates.
Most European countries have enough stocks to cover for “lost” gas from Russia should there be a major disruption. Hardest hit would be Slovakia, Austria, and Turkey as they rely on Russia for at least 15 percent of their energy needs, OECD experts say.
There are three possible outcomes to the OPEC meeting: either they leave the situation as it is, or stick to a 30 million barrel per day ceiling, or cut oil production, Stuart Elliott, Senior Managing Editor of Europe & Africa Oil News, told RT.
Russia’s largest hydroelectric company RusHydro says it is looking for an Asian buyer for its share of a loss-making energy distribution business in the Far East. Media reports say Chinese company Sanxia is a likely candidate.