• 10 mins DOE Seeks To Boost Usage Of Carbon Capture Tech
  • 1 hour Taxpayers Likely To Pick Up The Growing Tab For DAPL Protests
  • 4 hours WTI At 7-Month High On Supply Optimism, Kurdistan Referendum
  • 10 hours Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil
  • 15 hours Petrobras Creditors Agree To $6.22 Billion Debt Swap
  • 19 hours Cracks Emerge In OPEC-Russia Oil Output Cut Pact
  • 23 hours Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut
  • 1 day Chevron To Invest $4B In Permian Production
  • 1 day U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS
  • 1 day Iraq Says Shell May Not Quit Majnoon Oilfield
  • 4 days Nigerian Oil Output Below 1.8 Million BPD Quota
  • 4 days Colorado Landfills Contain Radioactive Substances From Oil Sector
  • 4 days Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal
  • 4 days Japan Court Slams Tepco With Fukushima Damages Bill
  • 4 days Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS
  • 4 days Total Joins Chevron In Gulf Of Mexico Development
  • 4 days Goldman Chief Urges Riyadh To Get Vision 2030 Going
  • 4 days OPEC Talks End Without Recommendation On Output Cut Extension
  • 4 days Jamaican Refinery Expansion Stalls Due To Venezuela’s Financial Woes
  • 5 days India In Talks to Acquire 20 Percent Of UAE Oilfield
  • 5 days The Real Cause Of Peak Gasoline Demand
  • 5 days Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking
  • 5 days Oil Exempt In Fresh Sanctions On North Korea
  • 5 days Sudan, South Sudan Sign Deal To Boost Oil Output
  • 5 days Peruvian Villagers Shut Down 50 Oil Wells In Protest
  • 5 days Bay Area Sues Big Oil For Billions
  • 5 days Lukoil Looks To Sell Italian Refinery As Crimea Sanctions Intensify
  • 6 days Kurdistan’s Biggest Source Of Oil Funds
  • 6 days Oil Prices On Track For Largest Q3 Gain Since 2004
  • 6 days Reliance Plans To Boost Capacity Of World’s Biggest Oil Refinery
  • 6 days Saudi Aramco May Unveil Financials In Early 2018
  • 6 days Has The EIA Been Overestimating Oil Production?
  • 6 days Taiwan Cuts Off Fossil Fuels To North Korea
  • 6 days Clash In Oil-Rich South Sudan Region Kills At Least 25
  • 6 days Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction
  • 7 days India’s Oil Majors To Lift Borrowing To Cover Dividends, Capex
  • 7 days Gulf Keystone Plans Further Oil Output Increase In Kurdistan
  • 7 days Venezuela’s Crisis Deepens As Hurricane Approaches
  • 7 days Tension Rises In Oil-Rich Kurdistan
  • 7 days Petrobras To Issue $2B New Bonds, Exchange Shorter-Term Debt
How Strong Is Bullish Sentiment?

How Strong Is Bullish Sentiment?

Crude oil inventories have been…

Heavy Crude Production Hit Hard By OPEC Cuts

Heavy Crude Production Hit Hard By OPEC Cuts

The global crude oil supply…

Russia-Ukraine Talks End Without A Deal

Talks between gas supplier Russia and gas consumer Ukraine broke up on June 10 without a resolution, but a spokesman for Russia’s government-owned Gazprom said the westward flow of gas remained uninterrupted.

The talks are being held in Brussels and moderated by EU Energy Commissioner Guenther Oettinger. Also attending are the energy ministers of Russia and Ukraine, and the CEOs of Gazprom and the Ukrainian gas company, Naftogaz.

Oettinger stressed that the talks had not ended, but were only on hiatus. “All points of the deal were negotiated and discussions will resume,” he said.

Russia had threatened to cut off gas supplies to Ukraine by the morning of June 10. The effect on Europe could be dire, as EU nations get one-third of their gas supplies from Russia, and half of that amount flows through Ukraine. The supply of gas to Europe was interrupted twice before, in 2006 and 2009 because of similar disputes.

The current trouble arises from the flight in February of Viktor Yanukovich, who as president of Ukraine faced mounting protests for his insistence on maintaining close ties with Russia and not with the EU. Moscow responded by invading Crimea in March and quickly annexing it.

Russia also increased the price Ukraine must pay for gas by 81 percent, and demanded that Kiev pay $5.17 billion for past gas deliveries and scheduled deliveries through June. Ukraine calls that “economic aggression.”

Related Article: Investing In Solar Power’s “Picks, Pans And Shovels”

Despite any word of progress in the June 10 negotiations, Ukrainian Energy Minister Yuri Prodan said, “The good news is talks are continuing.”

In the meantime, a Gazprom spokesman told Reuters that he knew of no cut in the gas supply to Ukraine.

Before this latest round of negotiations there was broad optimism that an agreement could be reached between the two former Soviet republics. Most observers expected that Russia would settle on a cost of $360 per 1,000 cubic meters of gas – splitting the difference between the price it originally charged Ukraine and the higher price set after Yanukovich’s departure.

Adding to the optimism, one anonymous Ukrainian official told the Agence France-Presse that Naftogaz would offer to pay $1 billion to settle its arrears.

By Andy Tully of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Stan Squires on June 11 2014 said:
    I am from Vancouver,canada and I wanted to say that Poroshenko and the right wing reactionary gov. of the Ukraine is to blame for the talks breaking down. Most likely the EU and the govs.of Canada and the USA told Poroshenko not to go along with Russia.The EU and the govs.of Canada and the USA are complicit in the problems in the Ukraine.These govs. shouldn't be backing up the fascist gov. of the Ukraine.It is making things worse for the people of the Ukraine.
  • Arkady on June 11 2014 said:
    Dear Andy,

    You write:

    "The current trouble arises from the flight in February of Viktor Yanukovich, who as president of Ukraine faced mounting protests for his insistence on maintaining close ties with Russia and not with the EU. Moscow responded by invading Crimea in March and quickly annexing it."

    Would you kindly answer short questions:

    1. Do you know the reason mr. Yanukovich's runaway?!
    He did not use "the exclusive rights to use the military power against Maidan protesters" as he was asked by Joe Biden and other Western politicans!

    2. What would you say if Russia organises the Kiev scenario in Mexico?!

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News