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Energy Blast – March 13th, 2009

Oil saw an 11% jump in price yesterday, with some reporting the cause as a rumor that Russia could join OPEC.  Russia plans to invite members of the cartel, together with other major oil producers, to discuss global oil prices at a Moscow forum later this year, and OPEC is due to discuss a further cut in output this weekend.  Gazprom may invest in Japanese power utilities as a means of securing future fuel sales.  China is reportedly taking steps to develop clean and renewable energy, with plans in the works to construct two hydropower stations and two wind farms.