Alexei Kokin

What to expect after July OPEC+ summit?

OPEC+, a group of 24 oil-producing countries, look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude …

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Oil price drops back to $60

Oil prices fell today amid a global economic slowdown that is starting to hit oil demand, triggering calls in producer club OPEC for supply cuts to be extended. Brent crude futures, the international benchmark for oil prices, were …

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China stops buying Iranian oil

China and a number of other states have stopped buying oil from Iran after the U.S. announced a decision not to extend exemptions from its sanctions for certain countries, the Wall Street Journal reported, citing sources in the Iranian oil …

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EU Gas Directive comes into effect

The updated EU Gas Directive came into effect today, European Commission Spokesperson Anna-Kaisa Itkonen confirmed. “A procedure has been launched to adapt the national legislations of the EU …

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Gazprom net profit doubles in 2018

The net profit attributable to shareholders of Russian gas giant Gazprom doubled to 1.456 trillion rubles in 2018, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement posted on its website. …

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OPEC deal overfulfilled by 55%

The OPEC states reduced oil production by 534,000 barrels a day in March to 30.02 million barrels a day, mostly due to reduction in Saudi Arabia, Venezuela, Iraq and Iran, OPEC said in a report. Thus, the OPEC+ oil output cut deal was fulfilled …

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Russia to boost its share on LNG market

Russia’s Energy Minister Alexander Novak said that the share of liquefied natural gas (LNG) on the global gas market may double to reach 70% by 2040. According to him, the segment of LNG production has "huge …

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Gasoline prices decline in Russia

Retail prices of the regular (Ai-92) and the premium (Ai-95) gasoline declined in a number of Russian regions last week, according to data provided by the Central Dispatching Department of Fuel Energy Complex. It was the first decline …

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Venezuela crisis puts oil market in panic mode

Oil rose today, shaking off persistent concern about the outlook for demand after the U.S. government said it could impose sanctions on OPEC member Venezuela's crude exports. Brent crude futures were up 10 cents at $61.24 a barrel …

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Oil future decided in Vienna

The OPEC/non-OPEC Joint Ministerial Monitoring Committee is expected to outline the guidelines for the overall oil output level in 2019 at the meeting in Vienna on December 5-7.

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Russia to face decade of oil price at $50

Russia’s Economic Development minister Maksim Oreshkin said that the ministry expects the oil price to slip to $50 per barrel by 2025-2030 and stay at that level long-term. According to him, this trend is …

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Russia earns nothing from expensive oil

Russia's economy has received almost nothing from high oil prices, as all the income was evened by  a net capital outflow, which was intensified as a result of the fear of new sanctions, Chief Economist of VEB development bank …

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Oil prices down on surging output, but sanctions loom

Oil prices fell today as surging output by the world's three largest producers outweighed supply concerns from the start of U.S. sanctions next week against Iran's petroleum exports. Brent crude futures were at $72.60 per barrel …

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Turkish Stream to reach Turkey in December

The construction of the sea part of the Turkish Stream pipeline will be completed in two months, Gazprom CEO Alexei Miller said. The  construction of the Turkish Stream pipeline is underway," TASS cited …

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What does $85 oil mean?

Oil prices were higher today ahead of upcoming U.S. sanctions on Iran starting next month. Oil prices continue to increase primarily on concerns that the sanctions on Iran and the collapse of Venezuelan production will lead to shortages, as …

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"Oil price to sink to $60"

S&P Global Ratings revised its oil prices forecast for the coming years, director of corporate ratings for S&P Global Ratings Alexander Gryaznov said. "We revised our short-term forecast, and …

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