The Court holds that the General Court must reconsider whether the Commission was justified in classifying the implied and unlimited guarantee granted by the French Republic to the Institut français du pétrole as State aid.
Dr Fatih Birol, the Executive Director of the International Energy Agency, visited Baku to meet with Mr Parviz Shahbazov, Energy Minister of the Republic of Azerbaijan. Dr Birol and Mr Shahbazov discussed the Southern Gas Corridor and its role in improving energy security by increasing the diversity of sources and delivery routes of gas to Europe.
Since the previous edition of this Report, the price of Brent crude oil fell close to $70/bbl and is now flirting with $80/bbl. Two reasons for the swing are that Venezuela’s production decline continues, and we are approaching 4 November when US sanctions against Iran’s oil exports are implemented. In Venezuela, production fell in August to 1.24 mb/d and, if the recent rate of decline continues, it could be only 1 mb/d at the end of the year. Evidence provided by tanker tracking data suggests that Iran’s exports have already fallen significantly but we must wait to see if the 500 kb/d of reductions seen so far will grow. (See Iran supply tumbles as buyers take heed of US sanctions).