Igor Yushkov

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Russia starts oil output cuts

Russia has begun cutting oil output within the framework of last year's agreement among major producers to limit supply and bolster global prices, a source familiar with the course of the agreement said.

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Iran gives 7 oil projects to Russia

Iran plans to assign development of seven oil fields to Russian companies, Iran’s Oil Minister Bijan Namdar Zanganeh said, explaining that Russian companies would develop and increase the recovery rate of the fields. …

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Nazarbayev officially launches Kashagan field

Kazakh president Nursultan Nazarbaev officially launched the largest oil and gas field in Kazakhstan - Kashagan, with reserves estimated at 35 billion barrels of oil. "I'm here today to announce the launch …

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OPEC demands Russia to cut oil output

OPEC will continue to insist on Russia cutting, not just freezing oil production after the organization finalizes its own agreement, the Saudi Energy Minister Khalid al-Falih said before the OPEC meeting. "A freeze …

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Will 'oil freeze' start tomorrow?

This Saturday's summit of OPEC member and non-member oil-producing countries in Vienna will reach an agreement as a minimum to freeze oil output levels, the experts told Vestnik Kavkaza on the eve of the Vienna talks between oil exporters.

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Deficiency of oil: myth or reality?

Today, the Vice President of BP Russia Vladimir Drebentsov said that there can be a deficit in the oil market by 2020 due to reduced investment in the 2014-2016 and a freeze of five-year projects. Vestnik …

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Experts: Europe needs Turkish Stream

The resumption of the Turkish stream project worries the European Commission, not the EU countries, because the pipeline will be very useful for the EU countries, Russian experts Igor Yushkov and Sergey Markov said, speaking to …

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Ankara proposes Russia - Azerbaijan - Turkey trilateral format

Turkish Foreign Minister Mevlut Cavusoglu said that Ankara believes a format of trilateral cooperation involving Turkey, Azerbaijan and Russia may be established. "Implementation of major projects in the region, in particular a New Silk Road project, will enable Azerbaijan to become a transit center, a hub in the region. To implement these projects, Azerbaijan and Turkey intend to cooperate not only in a bilateral but also in a trilateral format with other countries," he said at the press conference after talks with the Azerbaijani Foreign Minister Elmar Mammadyarov.

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 IMF expects price of $75 per barrel in 2020

Oil prices in 2020 may rise to $75 per barrel, the International Monetary Fund (IMF) said. According to one of the models of the IMF, it is possible if OPEC reduces supplies by 7 million barrels per day. "If OPEC cut supplies by 7 million …

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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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Has Riyadh refused to be on oil ‘price war’ path?

Saudi Arabia has decided to abandon its strategy for growth in oil exports to Asian markets and it is is gradually giving opportunities to its competitors for further increase in prices. It follows from the data on the import of hydrocarbons and …

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OPEC demonstrates it has no power

A regular meeting among the OPEC countries has recently took place in Vienna. The main point of the agenda was the discussion of the new possible oil level of 32 …

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Russia raises duties on oil and oil products

Russia's oil export duty was increased by $14.6 to $80.6 per ton from June 1, the Ministry of Economic Development said. Reduced custom fees for oil from Eastern Siberia, Northern Caspian and the Prirazlomnoye Field were still …

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How long oil prices will be on the rise?

According to trading at the London Stock Exchange ICE, today the Brent oil price reached the level of $50 per barrel for the first time since the beginning of November 2015. The WTI crude is also becoming more expensive in trading in New York: …

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Saudi Arabia launches new oil race

Recall that on Saturday Saudi King Salman bin Abdulaziz Al Saud abolished the Ministry of Oil and dismissed the oil minister Ali al-Naimi, organizing the Ministry of Energy, Industry and Mineral Resources, appointing the former …

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Iran is ready to freeze oil production

Iran is ready to join the plan on freezing of oil production volumes, since the country has already reached the desired production level, the representative of National Iranian Oil Company (NIOC) stated. The director for international relations …

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