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Energy Blast – Nov 13, 2009

The International Energy Agency increased its forecast for 2010 global oil demand as the pace of economic recovery in Asia and the Middle East quickens, but has apparently cautioned that rising oil prices could jeopardize the green shoots of recovery. President Medvedev called for an end to Russia’s ‘humiliating’ dependence on commodities in yesterday’s state of the nation speech, whilst it is rebounding oil prices that are palliating Russia’s current economic problems. Gazprom plans to increase its investment program by 5% next year, to $27.94 billion. The heads of the Russian state giant and Naftogaz are to meet to discuss the Ukrainian company’s parlous financial status and issues related to the November supply of gas. Russia will apparently produce next-generation nuclear reactors and new types of nuclear fuel by 2014. Gazprom has confirmed plans to export 142 billion-143 billion cubic meters to non-CIS countries in 2009, down from its 2008 figure. Belarus has handed Gazprom a set of proposals related to the reduction of gas prices for 2010, Ria-Novosti reports. The motives behind Poland’s increased dependence on Gazprom are analyzed in Business Week.