Energy Blast – Oct 27, 2008

OPEC has received international criticism for cutting output in an attempt to prevent the oil price from crashing. Meanwhile the possibility of a ‘Gopec’ consisting of Russia, Iran and Qatar, has some observers worried. Russia and China are planning to sign a memorandum of cooperation in the oil sector, which includes a plan to direct part of the ESPO pipeline to China, and Rosneft and CNPC are preparing to sign a long-term supply deal. Gazprom says it will not need any loans to finance its investments this year. ‘We are not worried about our financial position.’