Ukraine to develop oil, gas fields in Venezuela
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Uploaded by TheMarinewaves on Nov 7, 2010
Ukrainian President Viktor Yanukovych says his country will develop oil and gas fields in energy-rich Venezuela. Speaking after a meeting with Venezuelan leader Hugo Chavez Monday, Yanukovych said such projects will be a top priority for the two countries. There were no other details. Yanukovych also said Ukraine will soon begin to transport Venezuelan oil to Belarus via an oil pipeline, but again, there was no elaboration. Crude prices are expected to trade sideways this week on the rebounding dollar, better-than-expected economic data releases and OPEC's move of $100 a barrel of oil. Natural gas is expected to trade lower on higher inventory data and bearish technical indicators. A rebounding dollar will likely push crude prices lower this week. Strong crude prices will drive an increase in drilling across Canada next year, with oil wells outpacing natural gas for a second year running, according to industry observers. Oil well licences outstripped gas this year for the first time since 1997 as sinking natural gas prices discouraged drilling, analysts noted Monday.
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