Gas taps on for EU; some Opec taps yet to be turned off

Flows of Russian gas to Europe through Ukraine resumed today after a two-week interruption caused by a contractual dispute between Russia and Ukraine. Under the terms of a new contract, Ukrainian energy company Naftogaz will pay $360/'000 cubic metres of gas (cm) in first-quarter 2009 – double the $179.50/'000 cm it paid last year. However, the price should fall later in the year, in line with lower oil prices.