The dispute over TNK-BP erupted last week after the Russian billionaire co-owners of the Anglo-Russian oil joint venture said they planned to sue BP in Moscow and international courts.

Byron King in Energy and Oil looks at the reasons behind the TNK-BP dispute:

The Kremlin has invested heavily in Russia’s image as an energy superpower. During the recent Russian Victory Day celebrations on May 9, many commentators referred to Russia’s energy sector as one of the key elements of Russian power.

I spoke on this subject in the middle of April, but there is more news coming. “News of falling oil output has hit Moscow political circles like a bomb.”

Hey, Irwin…Did you notice that Russia was the only emerging market that was up in your index on Friday? Shouldn’t have been hard to spot that bit of green in the sea of red.

In the Chart of the Day below, Andrew Mickey argues that $120 oil is “just the start,” partly as a result of what’s happening with Russia. What you should also know is that Andrew saw $120 oil coming well before anyone else. In fact, he called for it nearly six months ago.

Oil-consuming countries and international oil producers no longer influence oil prices, reports AFP, as a global gathering of energy elite gets underway in Rome and the price of New York oil struck a historic peak at $114.49 per barrel.

International oil majors now control a mere 6% of oil and 20% of gas reserves, according to the report. The rest is in the hands of national oil companies.

The unpalatable reality is that national producers such as Venezuela or Russia today have less need of international oil majors to help them develop their untapped reserves.

Just eight years ago Russia was the most promising oil region outside the Middle East. Its rapidly growing output helped meet soaring Chinese demand and limited sharp oil price rises.

Silver stuck its nose above $18 for a moment, but obviously someone noticed, as the spike didn’t last long. Volumes were extremely light again yesterday.