Oil has returned to the $61 mark, from a seven-week low.  President Medvedev has told leaders at the G8 summit that it is impossible to regulate oil prices and that $70 to $80 per barrel is a good range.  Russia has refused to pledge support for a G8 proposal to cut greenhouse gases by 80%, with Arkady Dvorkovich saying 'we will not sacrifice our economic growth to meet emissions cuts.'  Naftogaz is purchasing about 120 million cubic meters of gas per day this month, compared with 33 million cubic meters in June, as Ukraine seeks to increase the amount of gas it can pump into storage.  Two of Europe's biggest energy suppliers, E.ON and GDF, have been fined €553m each by the European Commission after it was revealed they had struck a non-competition deal.  Is competition ...

To derail European attempts to diversify energy suppliers, Russia would need to purchase all natural gas exports of its Caspian neighbors, Bloomberg reports.  Russia is set to build a wind farm on Russky Island by 2012.  Rushydro should come to a financial agreement with Rusal by the end of the summer over the Boguchansk electricity plant.  Surgutneftegaz will be prevented from voting in MOL's annual meeting, as the company's purchase of a stake remains unapproved by Hungary's Energy Office.  The world's biggest offshore oil company, StatoilHydro, says that Russia holds the most potential for Arctic exploration.  The company faces stiff competition in Norway's Arctic zone as Exxon Mobil Corp. and Royal Dutch Shell Plc make bids for the region.  TNK-BP is reportedly contemplating buying Kazakh oil company Zhaikmunai.  The company is also seeking a $315 million ...

Several months ago, Axial Vector Energy Corp. announced that it has formed a wholly-owned subsidiary, AVEC Strategic Acquisitions Corp. The new company will be led by Mr. Sanjai Chhaunker, President and CEO of Axial Vector. He will be working alongside Mr. Behzad Khakouei, Director of Strategic planning.

Mr. Chhaunker, stated, “Our strategic plan calls for acquiring businesses that complement our core technology and allow our revenue stream to grow more rapidly. With the proper structure and financing now in place, we will proceed to finalize our discussions on companies that we have researched and identified as strategic to our plans.”

“Now that we have our new CEO and the subsequent establishment of AVEC’s new subsidiary, we are now in a position to execute the deals that will propel AVEC to the forefront of clean, efficient energy suppliers,” commented Mr. Khakouei.

Continue to watch Axial Vector

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In September of last year, Axial Vector Energy Corp. announced that it had formed a wholly-owned subsidiary solely focused on acquisition. The new subsidiary, AVEC Strategic Acquisitions Corp., is led by Mr. Sanjai Chhaunker, the President and CEO of Axial Vector. Mr. Sanjai is working alongside Mr. Behzad Khakouei, Director of Strategic planning at AVEC.

Mr. Chhaunker, stated, “Our strategic plan calls for acquiring businesses that complement our core technology and allow our revenue stream to grow more rapidly. With the proper structure and financing now in place, we will proceed to finalize our discussions on companies that we have researched and identified as strategic to our plans.”

“Now that we have our new CEO and the subsequent establishment of AVEC’s new subsidiary, we are now in a position to execute the deals that will propel AVEC to the forefront of clean, efficient energy suppliers,”

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Europe is being cryptic yet vaguely threatening in response to Russia's announcement to take steps toward the formation of a gas cartel with Qatar and Iran to control 60% of the world's natural gas: EU spokesman Ferran Tarradellas Espuny said the European Union preferred to see gas traded on a free and transparent market. He said the EU executive was not opposed to energy suppliers cooperating more closely on research but was opposed to price-fixing cartels in principle. "If such a cartel was created, the Commission may review its energy policy," he said, refusing to give details of what that would mean in real terms. It's not hard to imagine what Tarradellas Espuny is talking about - it would mean a resurrection of the recently defeated Gazprom clause of the unbundling proposal that would block Gazprom from owning mid- and downstream assets in Europe. One has to wonder whether ...

The rules of the global oil games are changing, says Keith Fitz-Gerald. And China — not the US — is leading the way. China doesn’t worry about the political leanings or dubious human rights of its energy suppliers. It needs a steady supply of oil to fuel its economic boom…and it will do what it takes to get it.

This from Money Morning:

Iraq recently signed its first oil deal in 35 years with a foreign company.

And –- quite surprisingly to many observers -– the company wasn’t one of ours.

Not surprisingly, the US news media barely acknowledged the deal –- even though the agreement was major news throughout the rest of the world.

According to reports from Baghdad, the 22-year deal between the Iraqi government and the China National Petroleum Co. involves $55 billion, or 87% of Iraq’s current total revenue at a conservative long-term estimate

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Today, Axial Vector Energy Corp. announced that it has formed a wholly owned subsidiary, AVEC Strategic Acquisitions Corp. The new company will be led by Mr. Sanjai Chhaunker, who was recently appointed as the new President and CEO. He will be working alongside Mr. Behzad Khakouei, Director Strategic planning of AVEC.

Mr. Chhaunker, stated, “Our strategic plan calls for acquiring businesses that complement our core technology and allow our revenue stream to grow more rapidly. With the proper structure and financing now in place, we will proceed to finalize our discussions on companies that we have researched and identified as strategic to our plans.”

“Now that we have our new CEO and the subsequent establishment of AVEC’s new subsidiary, we are now in a position to execute the deals that will propel AVEC to the forefront of clean, efficient energy suppliers,” commented Mr. Khakouei.

Let

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Gee, who woulda thought that if you continually poke a bear with a stick, he gets ticked off ... Russia May Cut Off Oil Flow to the WestReports have begun to circulate in Moscow that Russian oil companies are under orders from the Kremlin to prepare for a supply cut to Germany and Poland through the Druzhba (Friendship) pipeline. It is believed that executives from lead-producer LUKoil have been put on weekend alert.And while some may say that the Bear deserved poking, the Russians probably need our money less than we need their oil and gas.By the way, on the subject of how and why John McCain's top advisers seem to be cranking up the rhetoric with Russia, Iran, etc. -- they sure do seem to have a deep and burning desire for conflict. Conflicts aren't cheap, especially when you pick fights with ...