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Is OPEC Considering Deeper Output Cuts?

Is OPEC Considering Deeper Output Cuts?

You could argue OPEC and…

Gazprom Re-Elects CEO Alexei Miller for Fourth Term

Russia’s Gazprom today announced that its Board of Directors has re-elected current CEO Alexei Miller, effective May 31, 2016. The appointment will be Miller’s fourth five-year term, ending his chairmanship in 2021.

Miller has served as Chairman of the Management Committee for Gazprom since 2001, and as Deputy Charmain of the Gazprom Board of Directors since 2002.

Before his Gazprom career, Miller served as Deputy Energy Minster of the Russian Federation.

“The Board of Directors addressed the issue of electing Gazprom Management Committee Chairman and unanimously decided to re-elect Alexei Miller as Gazprom Management Committee Chairman for a 5-year term starting from May 31, 2016.” Gazprom said in a Tuesday statement.

Related: Oil Markets Unimpressed By Crude Output Freeze

Miller was last re-elected in 2011 for a five-year term.

Despite lower energy prices, with Miller at the wheel, Gazprom reported a 9 percent increase in total sales of natural gas in 2015, compared with the same period in 2014. Russia, primarily an exporting country, was expected to be hit hard by the low-price environment.

In other Gazprom news, Ukrainian Naftogaz announced today that it was prepared to go to court to settle payment terms with Gazprom. Gazprom had earlier accused Naftogaz of siphoning off $5.8 million in Russian gas while being pumped through Ukraine—an accusation Naftogaz has denied.

Related: Oil Markets Disappointed By Production Freeze

"These accusations are absolutely groundless. This is what we prove within the framework of the [Stockholm] arbitration," Naftogaz business development director Yury Vitrenko wrote on his Facebook page late on Monday.

According to Vitrenko, the claims filed by both Gazprom and Naftogaz in Stockholm courts are in the billions of dollars.

According to a Tuesday press release, “Naftogaz expects that the parties will find a way to resolve the issue in line with standard European gas market practices, including through arbitration.”

By Charles Kennedy of Oilprice.com

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