Ivan Kapitonov

$100 a barrel oil not expected

There is no reason for oil to hit $100 a barrel,  BP Chief Executive Bob Dudley said. "There are people who predict the oil price of $100 per barrel. I do not think it will reach $100 unless there are any …

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Russia not to join OPEC, but...

Russia’s Energy Minister Alexander Novak said that Russia and OPEC may assume joint efforts on balancing the oil market after completion of the crude production cut deal (OPEC+).

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Lavrov: Balkans need Turkish Stream

Russia's Foreign Minister Sergei Lavrov said that the Turkish Stream gas pipeline project is to improve opportunities for Balkan countries to receive Russian gas. "We and the Turks seek to improve …

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 OPEC hikes 2018 forecast for oil supply growth

OPEC said it expects demand for oil to grow faster than it originally expected in 2018, but the organization also sees supplies from beyond the producer group surging this year, driven by rising US output. The cartel said it now sees …

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 Europe agrees to buy Russian gas bypassing Ukraine

European purchasers of Russian gas have expressed a desire to receive it through new corridors and not through Ukraine after the expiry of the long-term transit contract signed between Gazprom and Ukraine's Naftogaz in 2019, …

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Oil prices approaching $70 per barrel

Oil prices hit their highest since 2014 today due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating. WTI crude futures were at $63.44 a barrel, 0.8% above their …

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Ten more years of sanctions

Sanctions against Russia are likely to stay in place for at least the next 10 years, the country’s second-largest oil company has said, at a time of sharply deteriorating relations between Moscow and the west, Financial Times …

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Why is oil getting more expensive?

Oil prices have continued to rise after reaching the maximum level for more than two years yesterday. London Brent crude for November delivery LCOc1 was up 1 cent at $59.03 a barrel by 0621 GMT after settling up 3.8% on Monday. Earlier …

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Oil in anticipation of new war in Persian Gulf

The current diplomatic rift between Qatar and other Persian Gulf countries will have an insignificant effect on world markets, but the potentially possible prospect of its escalation into a military clash between Arab states can lead to an …

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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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 Oil price falls despite OPEC deal extension

The price of oil has fallen, despite oil-producing nations agreeing to extend production cuts for a further nine months. The world’s major oil producers have voted to continue their production cuts into 2018 in an attempt to prop …

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Global oil demand to increase

OPEC revised global oil demand growth for 2017 higher by around 35 tb/d to 95.81 mb/d, the OPEC monthly oil market report said. This was a result of colder weather conditions and healthy vehicle sales in OECD Europe, in addition to …

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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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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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OPEC and Russia agree for 6 months

OPEC and Russia have agreed a mutually accepted formula of oil production cap for half a year, Venezuela’s Oil Minister Eulogio del Pino said. He also pointed out that Venezuela expects the signing of documents on …

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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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