Recent energy news points to the potential for some big changes for major energy producers, and for global energy markets.
After an arbitration court ruled that Gazprom was overcharging a German utility for gas, and mandated the addition of market price links to its pricing formula, members of the Gas Exporting Countries Forum might find themselves under pressure to move away from strict oil-linked pricing for exports. [Bloomberg]
Iranian crude exports are no longer a “dominant player in the market”, meaning that “with further sanctions, the markets could be quite resilient to that”, according to US Energy Secretary Ernest Moniz. [Reuters]
Moniz also said that US President Obama’s proposal, outlined last week, to reduce greenhouse gas emissions by 17% in 2020 from 2005 levels, “is achievable with some new programs and better management of existing ones”. [New York Times]