Igor Yushkov

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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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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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 …

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 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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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 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 …

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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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Trump world can live without Iranian oil

U.S. President Donald Trump said in a presidential memorandum that he had determined there was sufficient supply of petroleum and petroleum products from nations other than Iran to permit a reduction in purchases from that …

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Russia to start importing gas from Turkmenistan?

The head of Russia's giant gas company Alexei Miller said it plans to resume imports from Turkmenistan after a three-year break over a pricing dispute. In an interview with Turkmenistan's state television …

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Russian oil companies to be obliged to refine oil

Russia's energy, finance and economic development ministries will oblige Russian oil companies to send at least 17.5% of their annual production to domestic oil refineries, according to the instruction given by Russian Prime Minister …

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Iran gives reply to 'oil bulls'

Managing director of the National Iranian Oil Company (NIOC) Ali Kardor said Tehran has no plans for any reduction in the country’s oil output despite the looming US sanctions. "We are not planning on …

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