Ukraine: Gazprom threatens to shut off the gas again

The gas crisis in Ukraine is heating up again as CEO of Gazprom Alexei Miller reminded his Ukrainian counterparts at Naftogaz that Russia can shut off natural gas within two days due to a dispute over payments. These disputes have stretched into the past long before the conflict in Ukraine even began, but their renewed…

Kazakhstan: No cut in oil production, no devaluation

Kazakh Oil Minister Vladimir Shkolnik has announced that it has no plans to cut oil production, despite the over 50% decline in the prices of common oil benchmark indices like Brent Crude and West Texas Intermediate. Shkolnik said that no production decreases were planned for 2015, despite the very clear warnings about lower profits and…

Azerbaijan: Currency unilaterally devalued by 33%

In a surprise move, the Central Bank of Azerbaijan devalued the manat by 33.5% over the weekend. The devaluation came flying in the face of earlier government rhetoric that it would be able to maintain the stability and value of its currency with the precipitous decline in oil prices over the past six months, coupled…

Gazprom Accused of Using Gas Prices to Pressure Turkey

Russian energy major Gazprom has drawn the criticism of Turkish oil major BOTAS, which alleges that the Kremlin-supported entity has been using price increases to put pressure on Turkish firms.  Officials from private Turkish oil and gas firms have expressed similar discontent with Gazprom, which they accuse of raising gas prices in order to induce…