Optimism grows over oil demand recovery
OPEC and partners are betting on a significant boost in oil demand over the coming months as member states get ready to ramp up oil production
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 …
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 …
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 …
Novak: OPEC + deal in November completed by more than 100%
The deal to cut OPEC + oil production in November 2020 was completed by more than 100%, Russia’s Deputy Prime Minister Alexander Novak said at a press conference following the meeting of the OPEC+ countries. "We have summed …
OPEC+ agrees on oil production cuts for February and March
The OPEC+ countries agreed on the parameters for cutting oil production in February and March, which will amount to 7.125 mln bpd, two sources in OPEC said. Now the alliance countries are cutting production by 7.2 mln bpd. However, in …
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 …
Belarus to receive 1.21 mln tonnes of Russian oil in August
Russian companies confirmed requests for supplies of 1.21 mln tonnes of crude oil to Belarus in August, press secretary of Belneftekhim holding Alexander Tischenko said. "Russian companies confirmed requests for supply of 1.21 …
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, …
Sechin: Rosneft to fulfil all obligations under supply contracts
Rosneft will fulfil all obligations under supply contracts despite output cuts as part of the OPEC+ deal, Rosneft CEO Igor Sechin said in a statement on Friday. "There is no doubt Rosneft will strictly fulfil all …
Russia leapfrogs Saudi Arabia as China's top oil supplier in April
Russia overtook Saudi Arabia as China’s top crude oil supplier in April, customs data showed, with imports rising 18% from the same month a year earlier as refiners snapped up cheap raw materials amid a price war between the two …
Gazprom Neft: OPEC+ deal could prompt oil rise to $45 by year’s end
The OPEC+ deal will not prompt an immediate sharp rise in oil prices, but should the international community manage to curb the COVID-19 outbreak, it is possible that prices could rise to between $40 and $45 a barrel, Russia’s Gazprom Neft …
Belarus to buy 2 mln tonnes of Russian oil at $4/barrel in April
Belarus expects to buy 2 million tonnes of oil at a price of about $4 per barrel from Russia in April, Prime Minister of Belarus Sergei Rumas said. "As for the premium, I can repeat what I said two weeks ago: …
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 …
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 …
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 …
Lukashenko on 'unexpected offer' on oil from Putin
Russian President Vladimir Putin offered his Belarusian counterpart Alexander Lukashenko to compensate Minsk for budget losses arising from changes to Russian oil taxation. …
US sanctions on Rosneft undermine global free trade
US treasury blacklists subsidiary of Russian state oil major Rosneft that provides financial lifeline to Venezuela
U.S. dependence on Russian oil becomes apparent
According to the Energy Information Administration, Russia has become a second oil supplier to the United States after Canada. The thing is that the U.S. has lost heavy oil from Venezuela due to its own sanctions.And it's Russian …
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