Energy Blast – Nov 27th, 2008

Falling oil prices may pose a challenge to the unity of OPEC, which is ‘increasingly torn between its moderate members, led by Saudi Arabia, which can afford a period of lower oil prices, and countries with high government spending‘.  Venezuela says it will support OPEC production cuts until the price of oil increases.  Hugo Chávez is seeking Russian support on its pricing stance within OPEC, as Russia submits a draft memorandum on cooperation to the organization.  Dmitry Medvedev has signed agreements with Venezuela on crude oil and nuclear energy ‘for civilian use‘.  Korea Gas may build an undersea pipeline to import liquid natural gas from Russia’s Gazprom if its overland link falls through.