Valery Nesterov

Russia wants 'ironclad guarantees' on Turkish Stream

Russia counts on the European Union's ironclad guarantees on the Turkish Stream pipeline project's second leg, given the disappointing experience of the South Stream project, Russia's Deputy Foreign Minister Alexei …

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OPEC deal to become more global

Egypt, Norway and Turkmenistan made signs of their willingness to join the oil production cuts, Kuwait's oil minister Essam al-Marzouq said. The minister noted that  Saudi Energy Minister Khalid …

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OPEC deal does not save oil - oil prices hit bottom

The cost of the July futures of Brent crude oil on London's ICE trading decreased by 2.8% to $46.63 per barrel, breaking the minimum of November 29, 2016. For the first time since November 30, 2016 the oil price declined below the …

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Russia has no plans to build Turkish Stream blindly

Russia has no plans to begin construction of the second line of the Turkish stream in Europe without any guarantee and approval from the European Commission. "Of course, no one will build it blindly, because it is associated with …

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Russia expects three more years of cheap oil prices

Oil prices will be hovering around $40-60 per barrel in 2017-2019, the Russian Finance Ministry’s Main guidelines for 2017-2019 debt policy said. "The oil price dynamics will still be one of the key risks for the Russian …

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Will Russia and US return to dialogue on energy?

Russia and the US should return to the dialogue on energy both countries enjoyed in 2014 before the US and European sanctions, Russia's energy minister Alexander Novak said, speaking to CNBC in Vienna. …

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Will fate of oil be decided in Moscow?

OPEC meeting with non-members of the cartel on cutting oil production may be moved from December 9 to 10 from Doha to Moscow, this topic is now being actively discussed by OPEC and Russia, an informed source said. The representative of …

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Oil prices rise sharply as OPEC reaches agreement

World oil prices have risen sharply after the OPEC decision to limit the level of oil production by 1.2 million barrels per day to 32.5 million.  The Agreement will be effective from January 1, 2017. As of 08.51 am (MSK), the …

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What oil price OPEC and Russia need?

In order to balance their budgets, largest oil-producing countries in the world require different price of "black gold". According to Bloomberg, this leads to disagreements over the need to reduce oil production level. …

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Russia ready for construction of Turkish Stream

Russia’s gas transportation infrastructure for gas supply to the marine gas pipeline is ready, the head of Gazprom Alexei Miller said at the meeting with the Russian President Vladimir Putin. According to the intergovernmental agreement, Russia will construct two pipes under the Black Sea to Turkey with capacity totaling 31.5 billion cubic meters of gas, pursuant to the intergovernmental agreement. "According to the schedule, both pipes will be ready by end-2019," he said.

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Was OPEC helpful for oil or not?

The preliminary agreement to cut oil output, reached yesterday by the OPEC countries for the first time in eight years, will undoubtedly affect oil prices, but only in the short term, since other negative factors may affect the situation in …

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Will oil market continue nosedive?

Goldman Sachs experts issued a report which forecasts that crude oil prices will remain low until mid-2017, as the oil market has continued to remain unstable. According to the experts, crude oil prices will remain in the …

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Tengiz field to help oil prices

The Tengiz expansion and other similar investments create prerequisites for the rise in oil prices. Chevron Corp., Exxon Mobil Corp. and several partners on Tuesday committed $36.8 billion to expand an oil project in Kazakhstan known as …

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Will gas prices stop depending on oil prices?

Deliveries of liquefied natural gas (LNG) from the US to Europe will be able to weaken the dependence of gas prices on oil, a press release of the international ratings agency Fitch says. According to analysts, the emergence of US liquefied natural gas as a competitive alternative for European and Asian customers, combined with an oversupplied market, should drive more convergence between natural gas prices at major hubs and weaken the link between gas and oil prices.

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Does OPEC have a future?

The need for the existence of  OPEC is getting less evident: the organization is practically not involved in the regulation of its own production. Such an opinion was expressed in the study of the Russian research center Vygon …

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Are "bears" beginning to emerge from oilmarkets?

The number of stakes on the fall in oil prices at the New York Mercantile Exchange fell by 131,617, i.e. by 67% in the period from February 2nd. According to the US Futures Trading Commission (CFTC), it was the maximum reduction during …

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