Energy Blast – June 9, 2011

Oil prices have soared above $118 per barrel as OPEC announced its decision to maintain quotas after a fractious meeting in Vienna.  The Independent considers why Russia is likely to benefit.  Minsk is facing a power cut after failing to pay its electricity bill in March and April.  Following a spate of public protests, Belarussian President Alexander Lukashenko has backtracked on a proposed increase in fuel prices.  ‘It’s very quiet’: a downbeat Bob Dudley’s assessment of the shelved BP-Rosneft deal, whilst company chairman Carl-Henric Svanberg apparently hopes ‘it will come back.‘  The oil giant plans to focus on oil exploration outside Russia, in the wake of its collapsed deal with Rosneft.  The Washington Post considers the political impact of increased energy cooperation among South Asian nations.  With Russia intransigent on prices, Ukraine may cut its purchases of natural gas by 30% next year, Bloomberg reports.  The difficulties of selling green energy to an oil-based economy, from Reuters