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Energy Blast – Nov 3, 2009

Russia has reached a new record high in monthly oil production, at more than ten million barrels a day in October, maintaining its position as the world’s biggest oil producer.  Rosneft is at the forefront of the increase with production from its new Vankor field in the Arctic.  Vladimir Putin has nodded approval for a Danish initiative on CO2 emissions that could replace the Kyoto Protocol, but with two caveats – that Russian interests be taken note of, ie the country’s immense CO2-absorbing forests, and that the resolution be ratified by all the world’s biggest economies.  Russia may increase threefold its supplies of gas to Denmark, which could see supplies reach a total of 3 billion cubic meters a year via the Nord Stream pipeline.  The Prime Minister has urged the ‘stingy’ EU to assist Ukraine in its difficulties in paying for Russian gas, suggesting they ‘throw in a lousy billion’.  Ukrainian President Viktor Yushchenko has persisted in urging the government to revise the gas contracts with Russia signed in January.  Britain, Russia and their international partners are exacting aprompt response‘ from Iran on the uranium enrichment proposal.  Emirates National Oil Co., Dubai’s government-held refiner has offered to buy the remainder of Dragon Oil for roughly $1.8 billion to exploit reserves in Turkmenistan.