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Energy Blast – June 19, 2012

The deputy head of Iran’s Supreme National Security Council has said that the first day of Moscow talks between Iran and the Group 5+1 over its trouble-stirring nuclear program ended constructively’.  Some would beg to differ: Julian Borger discusses the considerable ‘gulf ‘ between Iran and its negotiating partners in the Guardian.  Russia’s deputy foreign minister Sergei Ryabkov told the press that their differing positions are ‘hard to reconcileand that two days of discussions would be insufficient.  According to new industry data, in 2011 the US registered the largest increase in oil production of any country outside of OPEC.  Gazprom has acknowledged that natural gas flowing through the South Stream pipeline from Russia to Europe will be more expensive than hub-traded gas but it will, the company says, appeal to customers through offering a more secure and flexible supply.