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Energy Blast – Feb 4th, 2009

According to Chakib Khelil, the Algerian oil minister, OPEC could impose another production cut at a meeting on March 15 if present output cuts don’t result in higher oil prices.  Khelil said that OPEC could not develop new oilfields until oil prices returned to $70-80 a barrel. Negotiations between Russia and Serbia on Gazprom’s stake in Serbia’s state oil company and the South Stream gas pipeline ‘are propelling bilateral cooperation to a new level’.  BP’s fourth quarter losses are just the beginning of a difficult upcoming year, says Forbes.  Russia insists that it does not have a long-term aim to take over Ukraine’s energy infrastructure.  Bulgaria’s Bulgargaz is seeking a new agreement with Russia to guarantee against another cutoff.  Siemens and Rosatom announced that they will work together to strengthen their positions on the nuclear market, fueling speculation that the former could create a joint venture with Atomenergoprom, a Rosatom affiliate.  Brazil’s state-controlled Petrobras may consider selling stakes in some of its oil fields to fund its $8.9 billion spending plans if banks fail to provide loans.