What is the future looking like for the Nabucco gas pipeline, designed to bypass Russia? The head of Transneft says that Russia’s new $14 billion oil pipeline to China secures Moscow’s exports against potential EU hostility. German Chancellor Angela Merkel insists that her country’s gas relationship with Russia is based on mutual interests. Opec’s attempt to boost oil prices by cutting back supplies has failed. Its secretary general will travel to Moscow next month to foster the organization’s cooperation with Russia. Finance Minister Alexei Kudrin is considering further tax cuts for the oil sector. Chevron has extended an agreement that allows it to drill for oil and natural gas in the Neutral Zone shared by Saudi Arabia and Kuwait.
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