The Kremlin has refused to approve a budget proposal for the Sakhalin-1 oil and natural gas project led by Exxon Mobil, putting a halt to development work. Bloomberg suggests that OPEC’s production cuts are finally affecting prices, with traders predicting $50 oil within two months. Munich-based Siemens is reportedly putting pressure on Russia’s Rosatom over its involvement in building Bushehr, Iran’s first power plant. The Economist writes on the much-debated subject of carbon capture and storage twice this week. Goldman Sachs has accused the Indian Government of siphoning off $20 billion from its Oil and Natural Gas Corporation (ONGC) company without consulting other shareholders, raising concerns about the standards of Indian corporate governance.