Igor Yushkov

Iran's oil output slumps to new low

Crude production in Iran declined to 2.28 million barrels per day (mbpd) in June, according to the Oil Market Report from the International Energy Agency (IEA). The production in Iran declined by 120 thousand b/d, "hovering at a …

Read
Nine-month extension of oil output cut deal agreed

OPEC + countries voted in favor of joining the OPEC decision to extend the oil output cut deal for nine months while maintaining the quota of the old agreement. "Thank you very much; I believe that we have now joined the decision …

Read
What to expect from OPEC+ meeting in July?

OPEC has agreed to move its next meeting to July 1, followed by a meeting with non-OPEC allies on July 2, according to new dates posted on the website of the Organization of the Petroleum Exporting Countries. OPEC and allies were …

Read
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 …

Read
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 …

Read
Russia urges Europe to protect Iran from U.S.

Russian Foreign Minister Sergei Lavrov, speaking after talks with Iranian Foreign Minister Mohammad Javad Zarif in Moscow, said that Russia and Iran agreed to cooperate with all signatories to …

Read
 All Russian oil to be subject to excess-profits tax?

After monitoring and analyzing the impact of a pilot project of introducing the excess-profits tax in the oil industry, the Russian Ministry of Energy may propose the final transition to the excess-profits tax in the oil industry, the Russian …

Read
Saudi Aramco named world's most profitable company

Saudi Aramco was the world's most profitable company in 2018 with net income of $111.1 billion, easily outstripping U.S. behemoths including Apple Inc. and Exxon Mobil Corp, Bloomberg reported with reference to Moody's Investors …

Read
Nord Stream 2 to come into service in November

The first string of the Nord Stream 2 pipeline is expected to be finished in November, Chief Financial Officer at Nord Stream 2 AG Paul Corcoran said during the European Gas Conference. The construction of the …

Read
What does Venezuela crisis mean for Russia?

Russia may scale down military-technical cooperation with Venezuela, Russian Federation Council member Frants Klintsevich said. "It was a real aggression from the United States in Venezuela, they used …

Read
Christmas wreck: Brent plunges to $45

The global oil market is struck with panic today, despite the fact that the key exchanges - NYMEX in New York and ICE in London - are not working today. As of 10:00 Moscow time, Brent crude futures were trading at $50.6 per …

Read
How much low will oil go?

Oil prices fell to their lowest since the third quarter of 2017 today, heading for losses of more than 10% in a week, as global oversupply kept buyers away from the market ahead of the long festive break. Brent crude fell 77 cents to a …

Read
Russia agree to cut 200,000 bpd

Russia is ready to cut oil output by 200,000 barrels per day. Russia is ready to cut oil output by 200,000 bpd if OPEC offers to cut more than 1 million bpd, Reuters reported. On December 6, OPEC ministers discussed the oil …

Read
 Will Qatar trigger OPEC collapse?

Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) early next year, Qatar's energy minister Saad al-Kaabi said. Speaking at a news conference, al-Kaabi said the country would …

Read

Populars