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Energy Blast – Nov 27, 2009

Russia’s Energy Ministry has unveiled its $2 trillion investment plan to develop the sector through to 2030, focusing on raised oil production and a 33% increase in gas output.  The plan also predicts that state influence in the oil and gas industries will begin declining in 2013.  China’s announcement that it would cut output of carbon dioxide per unit of gross domestic product by 40-45% from 2005 ‘may improve chances for a global climate agreement‘ at next month’s UN-led Copenhagen negotiations.  India’s environmental minister called China’s announcement ‘a wake-up call to India‘.  Reuters looks at recent factors affecting the price of oil, including OPEC measures, low demand, and huge stockpiles.  The UN are calling efforts to resolve Iran’s nuclear question ‘a dead end‘.  Russia will introduce a zero duty on east Siberian crude oil exports from Dec. 1 in a move to stimulate investment in virgin fields and boost output.  The Vanino coal port, Russia’s second-largest, has had to cut coal exports to Asia this month due to cargo delays.