ExxonMobil has complained that Russia’s subsoil law, which curtails foreigners’ access to oil fields, is the main hindrance in its attempts to develop further in Russia. TNK-BP is considering additional investment this year, although less than the $400 million that was decided at its previous board meeting. Good news for Russian resources – apparently the Barents Sea shelf may contain up to 76 billion barrels of oil equivalent, most of which is to be found in the Russian part of the zone. ‘Underinvestment now means that future supplies are in jeopardy – at the same time as demand will be soaring’; an article in the Telegraph examines the factors behind a possible oil spike. The US may consider limiting speculation on energy markets as a way to stabilize the financial system. Lukoil has denied recent media reports that it is planning to build a US refinery with ConocoPhillips. Reuters reports on how Barack Obama’s vision of creating a non-Russian route for transporting gas from the Caspian Sea to the West may depend on finding a path through the complicated territorial and inter-ethnic issues in surrouding republics.