Non-state corporations are usually not allowed to tap Arctic oil reserves, but Chevron may be about to change that: executives met with government officials just one day after Russian Prime Minister Vladimir Putin suggested that the exclusion of private companies ‘constrains production development’. Russia’s Inter RAO has signed a 25-year contract to supply electricity to China. Plans to embargo Iranian crude have boosted commodities investments. Despite ongoing pressure from the U.S., India maintains that it will not cut imports from Iran, and is also seeking a further 4 million tons of additional crude from Iraq. The Petromonagas joint venture between state oil company Petroleos de Venezuela and Russia’s TNK-BP, is producing 120,000 barrels of oil a day. Bulgaria is in talks with Gazprom to lower the wholesale price it pays for natural gas.