Greenspan Warns Of Danger Of High Natural Gas Prices

Ukraine’s deadline for paying its Russian natural gas debt – roughly $2 billion owed to Gazprom – expired last night. Gazprom has said it will shut off gas supplies at 10:00 Moscow time June 3rd, meaning European nations receiving gas via pipelines that transit Ukraine could also be cut off. [Radio Free Europe]

The Nigerian navy reportedly destroyed over 509 illegal oil refineries and 406 wooden boats used in pipeline vandalism and illicit oil sales “over the past few months.” “Usman, at the 2014 Navy Week Conference in Calabar, Cross River State, said that the destruction was carried out between January and April 2014, adding that, over 492 suspects were arrested and handed over to relevant agencies for prosecution.” [Sweet Crude Reports]