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Energy Blast – Dec 16th, 2008

According to the president of Lukoil, OPEC wants Russia to cut its crude output by at least 200,000 barrels per day, and slowing demand from China is adding pressure to the need for a coordinated production drop.  The price of oil is currently just below $45 as it is expected that OPEC will make an output cut of ‘much more‘ than 1 million barrels per day.  Financial concerns have forced Rosneft to abandon its plans to buy a stake in Imperial Energy.