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Energy Blast – Jan 1, 2008

The natural gas dispute between Gazprom and the Ukraine is creating upward pressure on crude oil futures, along with the conflict in the Gaza Strip.  Official data shows that Russian oil production decreased by about 1% in 2008 due to ageing reserves, plunging oil prices, and heavy taxation.  Gazprom has closed supply deals with Uzbekistan and Turkmenistan for 2009.