Russian Oil

Urals average price reaches $70

Average price of Russia’s Urals oil rose to $70.1 per barrel for the first time since May, 2019, according to Argus. The last time the price of Russia's oil was above $70 per barrel in the northwest region of Europe on May 22, …

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When Russia runs out of oil

At the current level of technological development, Russian oil reserves will last for another 58 years, Evgeny Kiselev, Deputy Minister of Natural Resources and Ecology of the country, the head of Rosnedra informed. He drew attention to …

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Russian oil exports to U.S. hit record high

Russian oil shipments to the U.S. hit a record high last year, according to calculations by Bloomberg, while at the same time Washington was amping up its warnings about Europe’s energy dependence on Russia. Russia …

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Russia loses money on decline in energy exports

According to the data of the Federal Customs Service (FCS), in 2020, Russia lost significant revenues due to a decrease in energy exports amid the coronavirus pandemic and a drop in demand. So, in January-October 2020, oil exports from …

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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 …

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Russia expects global oil market shortage in July

Russian Energy Minister Alexander Novak said that the global oil market could face a shortage of 3-5 million barrels per day (bpd) in July, depending on a deal to be reached by OPEC+ producers. According to the Russian minister, …

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China shies away from Russian oil?

China’s state oil company Sinochem Corp is rejecting any crude cargo "from or related to" Russia’s state oil major Rosneft before U.S. sanctions on a Rosneft unit take effect in May, two sources with direct knowledge of the …

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Russian oil giants prepare for a production surge

Russian oil firms plan to raise their oil production from April and they are comfortable with the current oil prices and even lower, oil executives said after meeting this week with Energy Minister Alexander Novak – a meeting which …

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Belarus says it lost $2 bln on Russia oil product ban

Belarusian exports shrank by more than $2 billion after Russia limited exports of oil products and contamination of oil on the Druzhba pipeline, Belarusian Foreign Minister Vladimir Makei said. "The change of trade …

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