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Energy Blast – June 20, 2012

The latest round of ‘tough and frank’ talks held in Moscow on Iran’s nuclear program has ended without breakthroughs.  Forbes has a breakdown of the major stumbling blocks.  Argentina has invited Gazprom to invest in its nationalised hydrocarbon company YPF.  Gazprom’s gas export volumes are looking to hit record highs this year.  The prices of shale gas byproducts such as ethane and propane have fallen to ten-year lows due to a boom in output, threatening to hit the profit margins of ExxonMobil and BHP Billiton, says the FT.  The Italian government is tackling a controversial ban on offshore oil and gas exploration, pushing against ‘powerful lobbies and Sicilian business interests’ to have existing offshore projects resumed.  China may cut prices of gasoline and diesel for the third time this year.