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Energy Blast – Dec 15th, 2008

A Russian deputy is to attend this week’s OPEC meeting.  The price of oil is slowly rising on expectations that the meeting will lead to a significant cut in output, although this report suggests that, although Russia is willing to cooperate, Norway and Mexico may not act in accordance with OPEC’s wishes.  Could a recovery of oil prices stabilize Russia’s economic situation?  Gazprom’s oil arm has signed a deal with construction firm Arabtec to build a project in Russia.  Lukoil has announced that it is putting off a number of next year’s large, international projects, and will reduce investments.  It has also announced that there will be no deal to buy a minority stake in Spain’s Repsol at present.  Energy demand in China, the world’s second-largest energy consumer, has fallen for the first time in nearly three years.