Rosneft is planning to pay $1 billion to gain access to Venezuela’s Carabobo 2 block in the southern Orinoco; Russia’s $4 billion loan to the country for defence spending appears to have sweetened the deal. The European Commission will give Poland €211.1 million to help it construct an LNG terminal. EU ministers are planning to put new rules in place that will curb abuses of the energy market, with emphasis on insider trading. China will make its first price reduction in 16 months on diesel and petrol. Could Israel’s development of its gas reserves help it gain energy independence from Egypt?