Russia and Ukraine previously promised to keep Europe's natural gas supply steady, despite the dispute between the two countries, but now Russia's cutoff of gas supplies to Ukraine has reduced the amount of gas delivered to some Western European states.

Russia's Gazprom said it reduced gas exports through Ukrainian pipelines by a fifth beginning Jan. 1, and accused Kiev of stealing the gas destined for Europe.

Ukraine has denied Gazprom's accusation and said countries including Bosnia, Croatia, Bulgaria, Greece, Turkey and Macedonia are losing gas supplies because of Russia.

Those countries, in addition to Austria, all have reported disruptions in natural gas deliveries, Iran's PressTV reported.

Gazprom has said Ukraine owes Russia $1.67 billion for gas and $450 million in penalties for late payments in November and December.

Ukraine is the main route for Russian gas exports to the European Union, and those member nations rely on Russia for about 25 percent of their total gas supplies.

Boris Posyagin, head of Gazprom's dispatch department, said Russia has tried to prevent European supply disruption by increasing natural gas supplies to Europe through Belarus and Turkey.

European nations have been concerned about the Russian-Ukrainian dispute following a previous dispute that led to supply disruption, also during a particularly cold winter.

Brazilian oil and gas stay strong

Despite a growing international economic crisis and an overall slowdown in business, Brazil's state-owned Petrobras has said it will keep up its current investments in 2009.

Petrobras said recently it will launch production at 20 platforms in the coming years, with nine platforms expected to become operational between 2009 and 2013, Brazzil Magazine reported.

Once fully operational, the nine units will add more than 790,000 barrels of oil per day and more than 35 million cubic meters of natural gas a day to the national production.

One of the platforms will be the first semi-submersible platform built entirely in the country, worth about $1 billion and submerged in the Bay of Ilha in the Campos Basin.

That particular platform is expected to produce as much as 180,000 bpd once it is operational in mid-2010.

In addition, the 100,000 bpd P-56 platform is expected to begin production in 2010 in the Marlim Sul field, north of Rio de Janeiro. Also in 2010, Petrobras said it will launch the PMXL-1 platform, the tallest fixed platform in Brazil.

The P-55 will also be semi-submersible and is scheduled to begin production in 2013, and in 2012, Petrobras will complete the P-57 platform. Work on the P-59 and P-60 platforms is under way, and platforms P-61 and P-63 are expected to be completed in 2013.

South Korean companies plan to invest in oil and gas

South Korea's Ministry of Knowledge Economy said the country's firms will invest $7 billion in overseas oil, gas and mineral interests in 2009. The investments will be 23 percent higher than the $5.7 billion invested in 2008.

Most of the investment will go toward securing more international energy resources. The companies, including state-run Korea National Oil Corp., will invest $5.2 billion in the oil and gas sector and $1.8 billion in the minerals sector, including coal and copper.

KNOC also is reportedly in talks to buy stock in a Middle East oil company which would bring in 10,000 bpd. The ministry said the deal is expected to be completed later in 2009.

KNOC also plans to acquire two additional midsized oil companies to bring in more than 19,000 bpd, though details about any of the three acquisition targets were not specified.

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Closing oil prices, Jan. 6, 3 p.m., London

Brent Crude oil: $46.63

West Texas Intermediate crude oil: $45.02