The International Energy Agency forecasts that global demand for oil will decrease by 2.4 million barrels a day this year. A contract allowing Russian oil giants such as Lukoil to revive pre-war contracts in Iraq has been agreed. Despite Sergei Lavrov’s insistence that the pipeline problem was technical, not diplomatic, the dispute between Turkmenistan and Gazprom continues, with Turkmenistan claiming that ‘a unilateral and egregious violation’ of agreements by Gazprom Export caused the blast. Turkmenistan’s call of an international tender to build a pipeline may have also damaged relations with Gazprom. Failure to import the agreed amount of gas may result in Gazprom seeking $530 million in fines from Ukraine. French power company GDF Suez is negotiating with Gazprom to acquire a stake in the Nord Stream pipeline. Gail India Ltd. intends to construct a methanol manufacturing plant in Russia with Itera Oil & Gas Co., says Bloomberg. TNK-BP is interested in buying Sibir Energy for $3.38 billion, according to Ria Novosti. It is reported on Reuters that Moscow Deputy Mayor, Vladimir Silkin, says that the city will not sell its 18% in Sibir to the Russian-British company.