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Energy Blast – Nov 12, 2010

The current cost of Russian gas for Ukraine’s Naftogaz?  $1 billion per month.  ‘This is a major challenge that we must think over now,‘ says the company head.  President Dmitry Medvedev wants next year’s G20 summit to consider adopting a convention on oil spill prevention.  Egypt’s Energy Minister is in Moscow to finalize a series of nuclear energy deals with Russian companies including Rosatom.  On the ‘nostalgic appeal‘ of an offshore energy grid of wind, solar and hydroelectric power in Europe, and the need for a single European energy market with which to engage with Russia.  OPEC’s output rose by 140,000 bpd last month to a total of 29.17 million, as prices rise to $90 a barrel.