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Energy Blast – Dec 15, 2011

Gazprom has apparently chosen Italy over Austria as the destination of its South Stream gas pipeline project, following rumors that the EU had blocked a plan by the export monopoly to purchase part of a trading platform in Austria.  Crude oil prices have dipped following a decision by OPEC to increase its official production quotas to 30 million barrels a day, about where the group’s actual output has been running.  Brazilian prosecutors have sued No. 2 U.S. oil company Chevron Corp and top offshore oil rig operator Transocean Ltd for $10.6 billion over their alleged roles in a November oil spill near Rio de Janeiro.  If negotiations with Russia are successful, Ukraine may agree on a gas price of $224 per 1,000 cubic meters, Ria-Novosti reports.