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Energy Blast – Aug 21, 2008

Analysts believe that the third day of price rises for crude oil are due to Russia’s displeasure over the US missile defense agreement with Poland. A leak from a North Sea gas pipeline may force the UK to negotiate with Russia for supplies. An Iraqi Cabinet minister invited Russia’s LUKoil to renew its bid on the West Qurna-2 oil field, and urged Russian companies to seek roles rebuilding dilapidated power plants. Iraq’s oil industry is struggling to overcome political gridlock.