CHINA, No. 1: A worker checks pipes at PetroChina's Tarim Oilfield in Taklamakan Desert in China in March 2009. According to the International Energy Agency, China consumed the equivalent of 2.265 billion tons of oil in 2009, which was about 4 percent more than the 2.169 billion tons used in the United States. Nearly three-fourths of China's energy consumption comes from coal. By 2015, the Dragon is expected to consume the equivalent of 2.783 billion tons of oil compared to America's 2.291 billion tons.
Gazprom has given Ukraine's government six more days to pay $3.5 billion in outstanding gas charges. It comes as the Ukraine crisis deteriorates in the east, where pro-Russian forces are clashing with the Ukraine military.
Ukraine again missed a payment deadline late Monday on the natural gas it buys from Russia. Ukraine's debt to Russia over natural gas has led to supply cutoffs before, but there are other ways to resolve a long-standing dispute.
NATO's supreme allied commander in Europe warns that Russia could 'accomplish its objectives in between 3 and 5 days' if ordered.
The standoff between Russia and the West will likely take twists and turns for some time in the future. Investors in energy may need to brace themselves for a bumpy ride.
Ukraine crisis escalates as Russian and Ukrainian troops mobilize for a possible war in Crimea. The US and EU threaten sanctions as Russia uses its natural gas dominance as leverage over Ukraine and the West.
While western Iraq is in the hands of Al Qaeda, recent trends suggest there's no safe oil investment refuge even in the Kurdish north, Graeber writes.
Shale oil is poised to go international, Grealy writes. It’s already happening in Argentina, Australia and China, but the big prize is in Russia’s Bazhenov shale in Western Siberia.
Ukraine's energy company has agreed with Russia gas giant Gazprom to hold of on settling natural gas debts for imports since October. With Ukraine embroiled in protests, the move signals a tilt by Kiev back to its former Kremlin patrons, Graeber writes.