Russian, Saudi oil giants to benefit from Biden’s anti-oil agenda

The growing number of Western countries aiming for net-zero emissions by 2050 and the U.S. Administration’s drive to limit oil and gas extraction on federal land and waters are likely to benefit the biggest oil firms in Russia and Saudi oil giant Aramco, analysts and portfolio managers told Bloomberg, Oil Price informs. While major developed economies are vowing to ‘build back greener,’ the world will still run on oil, and the beneficiaries, at least in the short term, will be the oil firms in countries that haven’t pledged net-zero targets and whose major oil companies are doubling down on oil production

Oil production in Russia falls to ten-year low

According to the data of the Central Dispatching Department of the Fuel Energy Complex,  oil and gas condensate production in Russia decreased by 8.6% - to 512.68 million tons in 2020. Thus, the largest reduction was documented in …

Russia's Lukoil cuts capex guidance for 2020

Russia’s Lukoil said on Thursday it had cut its capital expenditure guidance for this year to 450-500 billion roubles from 550 billion roubles ($8 billion) due to adverse market conditions and an output reduction deal, Reuters reports. …

Russia's LUKOIL to develop Azerbaijani fields

Azerbaijani President Ilham Aliyev held a meeting with President of Russian LUKOIL company Vagit Alekperov in Davos yesterday. The sides discussed the joint development of Azerbaijan's …

Lukoil CEO calls for permanent OPEC deal

Russian oil producer Lukoil's chief executive Vagit Alekperov said that the oil output deal between OPEC and its allies should stay in place permanently. Speaking at Lukoil's annual general meeting in Moscow, he …