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Energy Blast – Oct 30, 2008

Russia’s oil majors are putting pressure on the case for tax cuts in the oil sector, warning of a possible drop in output next year. Sibir Energy’s London High Court ownership dispute with Roman Abramovich has come out in the billionaire’s favor. Peter Mandelson has called to attention the ‘ultimate perversity’ of wasting energy in Russia, and suggested that the country could cut consumption by 45%. ONGC’s bid to buy Imperial Energy is still under review by the Federal Anti-Monopoly Service, who believe it may limit competition. The vice president of Lukoil says that Russia should join OPEC. TNK-BP’s Robert Dudley says that Russia’s oil production has reached its peak.