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Energy Blast – March 23rd, 2009

Energy Minister Sergei Shmatko says Russia can sustain and even raise its oil output, if prices stay above $50 a barrel.  Responding to rumors of a tie-up, Shmatko also argued that Rosneft shouldn’t take over Siberian crude producer Surgutneftegaz at this stage, because the move would create no immediate benefits.  The first ever surplus of natural gas is pushing prices down, and plans for new plants will see global capacity increasing further.  Canadian oil companies Suncor Energy and Petro-Canada are to form a $14 billion merger.