Oil giant BP says significant shale gas production in Britain and Europe over the next 20 years is unlikely. In a damning forecast, the energy firm said fracking will gain little traction outside America before 2035.
Canada has added Russia’s largest oil producer Rosneft, and the CEO of Rostec, to a sanctions blacklist along with 37 Ukrainians and 17 Russian and Ukrainian organizations. They are all covered by economic sanctions and travel bans.
Gazprom, Russia’s largest gas company plans to expand the program of import substitution by no longer buying metal and engineering products from more than 400 foreign firms, which could mean $2.5 billion in lost orders from Russia.
Vladimir Putin has chosen Hungary for his first state visit to an EU state since the beginning of the Ukrainian crisis a year ago. Energy issues are expected to top the agenda, yet the Russian leader usually has an ace up his sleeve.
The average price of Russian gas supplied abroad will be $222 per 1,000 cubic meters in 2015. It could mean a 35 percent price cut for Gazprom supplied gas to Europe, the Russian Ministry of Economic Development has forecast.
The economy of Russia is self-sufficient and sanctions won’t kill it, Guan Jianzhong Chairman of Dagong Global Credit told RT. Unlike most Western economies that are suffering from a debt “bubble,” Russia’s problems are caused by “outside hits.”
The district court in Amsterdam has ruled the compensation claim by Yukos International, once part of Russia’s biggest oil company, is legitimate. The firm is asking Rosneft for $333 million to cover losses incurred by the arrest of its accounts in 2008.
Russia’s biggest independent oil producer Lukoil has lodged arbitration in London against China’s Sinopec. The Chinese company backed out of a $1.2 billion deal to buy 50 percent of Caspian Investment Resources which has oil and gas assets in Kazakhstan.
The Middle East countries of OPEC destabilized the global oil market by pursuing their personal interests and are mindless to other members of the cartel, says Igor Sechin, the head of Russian oil major Rosneft.