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Energy Blast – June 11, 2009

Last year global oil reserves fell for the first time since 1998, led by declines in Russia, Norway and China.  Russia apparently has no plans to reduce oil production or oil exports in the next three years.  The New York Times reports that the Russian company building the Bushehr nuclear plant in Iran is unsure about when it will open.  Gazprom CEO Alexei Miller has said that the South Stream pipeline should be operational by the end of 2015 and will face no funding difficulties.  Germany’s Defense Ministry apparently objects to the Nord Stream pipeline route because it runs through military training areas.  Russia has agreed to take three metric tons of spent fuel from a defunct Serbian nuclear plant to prevent terrorists acquiring it.  Last year Turkmenistan’s proved reserves of natural gas tripled.  Russia’s gas giant Gazprom has fallen from being the world’s third most valuable company to the 40th – how will it cope? asks RFE/RL.  The company is considering postponing several electricity generation projects, because of ‘technical necessities, technological difficulties and a decline in electricity consumption’.  Has the West has its fill of oil? wonders the Telegraph