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Energy Blast – April 29, 2011

As of May, the Kremlin will completely ban exports of refined petroleum products in a bid to deal with regional supply shortages.  To similar ends, export duties will be raised by 44%.  Like many of the larger international energy companies, Total is reporting a first-quarter profit jump of 50%, thanks to high oil prices this year.  Russia’s oil revenues may depend on heavy investments in new technologies: ‘The Russian Ministry of Natural Resources said in its report earlier this week that the quality of the country’s remaining oil reserves was declining.‘