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Energy Blast – May 4, 2010

The Moscow Times reports that Russia is holding on to the top spot for oil production, pumping out over 10 million barrels a day for the eight month in a row.  Bloomberg reports that demand for OPEC oil is set to wane as Russia, China, the US and Mexico increase production.  As debate about the possible ‘merger’ continues to rumble, Bloomberg reports that Gazprom may acquire Naftogaz Ukrainy for about 5% of its own shares.  Is the Barents Sea Deal treason?  The Russian Energy Ministry plans to draft a proposal on the tax regime for small oil fields by the end of the year, according to the Deputy Director of the Energy Ministry’s Oil and Gas Refining Department, Pavel Karchevskiy.  Reuters has a factbox on the companies who are rallying with BP to help clean up the oil spill in the Gulf of Mexico.  India’s Essar Energy has raised £1.2 billion on its London IPO, making it the most valuable new listing in London for two years.  Google has made its first foray into investing in renewable energy.