Energy Blast - Oct 29, 2009

A new World Bank report says that Russia is likely to bear the brunt of changes to regional climate brought on by global warming.  Gazprom, currently feuding with Rosneft over blocked access to energy infrastructure, may rework its 'tough line' of fining European customers that do not buy the minimum-stated amount of gas each month.  Rosneft has outlined plans for $6 billion worth of offshore investment for the next few years.  The question of Iranian nuclear capability continues to be debated in the press.  '[U.S.] administration officials claim to have won Moscow's agreement to join in sanctions should Iran refuse to make a deal,' says the Washington Post, but the paper is also running this Reuters story: 'the Kremlin said that sanctions against Iran are highly unlikely in the near future.' Naftogaz October gas bill from Russia is to be around $500 million, but the company says it will have no problem paying...? Britain's energy infrastructure will by suffering losses by 2015 due to an over-reliance on Russian projects, many of which are already delayed, says this report.  Shell's third-quarter earnings are down 62% on shrinking fuel demand.  The WSJ looks at the links between autocratic rule and high oil prices.