Russian Oil Revenues Falling Because of Price Cap -US Official
Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries, Australia and the European Union will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on Feb.
Oil Prices Up as Faith in Supply Cuts Grows
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.Brent crude futures were up 1.4%, or 48 cents, at $36.01 a barrel by 1210 GMT.U.S. West Texas Intermediate (WTI) crude futures gained 2.3%, or 75 cents, to $34. There was no WTI settlement on Monday because of the U.S.
Russian Oil Majors Examine Assets for Cuts
Russian oil companies are examining which wells they will cork, looking mainly at mature fields where production was falling anyway and as Moscow needs to deliver its biggest output cut ever to comply with the new global supply deal, sources said.The Organization of the Petroleum Exporting Countries and other oil nations including Russia, the group known as OPEC+, agreed to…
Russia Expecting Oil Output Bump
Russia still expects an increase in 2019 oil output to a record 556-560 million tonnes from 555.8 million tonnes produced in 2018, Energy Minister Alexander Novak told the ministry's magazine, in comments published on Thursday.That would mean production would reach between 11.17-11.25 million barrels per day, up from 11.16 million in 2018.Novak also said that Russian natural gas production is expected to edge up by 2% to 740 billion cubic meters, while coal output a
Oil Steadies After Brief Slide
Oil steadied on Tuesday, as expections of output cuts from OPEC and allied producers brought prices back up after they slid briefly following comments from U.S. President Donald Trump that a trade deal with China may be delayed.Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $56.05 a barrel.
OPEC, Other Stakeholders May Adjust Output Quotas
Russian Energy Minister Alexander Novak said on Wednesday the forthcoming meeting of OPEC and other large oil producers may discuss adjusting oil output quotas at a next-month meeting, local news agencies reported."We don't rule out discussing various issues," Novak was quoted as saying by the Interfax news agency when asked if the OPEC+ meeting would discuss lower production quotas for Russia. (Reporting by Maxim Rodionov and Vladimir Soldatkin
Russian Oil Output Down in October
Russia lowered its oil output to 11.23 million barrels per day (bpd) last month from 11.25 million bpd in September, missing again its obligations under a global pact to curb production, energy ministry data showed on Saturday.The Organization of the Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - have since January implemented a deal to…
Oil Dips on doubts Around Latest U.S.-China Trade News
Oil prices slumped more than 2% on Monday on worries that global crude demand could stay under pressure as a lack of details about the first phase of a U.S.-China trade deal dimmed hopes for a quick resolution to the tariff fight.Brent crude dropped $1.26, or 2.1%, to $59.25 a barrel by 12:19 p.m. EDT (18:19 GMT), while U.S. West Texas Intermediate (WTI) crude lost $1.20, or 2.2%…
Russia: Saudi Oil C-Suite Changes Won't Impact Cooperation
Changes in the management of its oil ministry by Saudi Arabia will not impact cooperation between Russia and the Middle East kingdom, Russian Energy Minister Alexander Novak stated today, adding that he plans to meet his Saudi counterpart Khalid al-Falih in the near future and ahead of a planned visit by Russian President Vladimir Putin to the country.Saudi Arabia has named Yasir al-Rumayyan…
Oil Prices Mixed Ahead of US Crude Sstock Data
Oil prices were mixed on Tuesday ahead of data expected to show U.S. crude stocks declining, outweighing investors' concerns that U.S.-China trade tensions could dampen fuel demand.Benchmark Brent crude futures settled up 19 cents, or 0.3%, at $65.05 a barrel.U.S. crude futures fell 7 cents, or about 0.1%, at $57.83 a barrel.Investors shrugged off U.S. President Donald Trump's…
Oil Gains as OPEC Sticks to Supply Cuts
OPEC cuts expected to remain despite Trump pressure. Separately, oil supported by unexpected drop in U.S. inventories.Oil rallied for a second day on Wednesday, buoyed by an unexpected decline in U.S. crude inventories and after Saudi Arabia appeared undaunted by pressure from U.S. President Donald Trump on OPEC to prevent steeper price rises.Saudi Energy Minister Khalid al…
Russia's 2018 Oil Output Tops Record
Russian oil production rose to a post-Soviet record high of 11.16 million barrels per day (bpd) last year on an annual average basis, data from its energy ministry showed on Wednesday.The total surpassed the previous annual record average of 10.98 million bpd set in 2017.Russian oil output reached 555.838 million tonnes last year, against 547 million tonnes in 2017. Reuters…
Russian OPEC Coordinator Marshavin Leaving Energy Ministry
Roman Marshavin, one of the Russian Energy Ministry officials who orchestrated the 2016 landmark deal with OPEC, is leaving his job, four government sources told Reuters on Friday.Alexei Gospodarev from the ministry of industry and trade may take over as head of the Department for International Cooperation, two of the sources added.The Energy Ministry did not immediately respond a request for comment…
Oil Surges 5 pct as OPEC Agrees Output Cut
Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.Benchmark Brent crude oil rose $3.26 a barrel to a high of $63.32 by 1355 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree.U.S. light crude rose $2.62 to a high of…
Russian and Saudi Energy Ministers to Meet at G20
Russia's energy minister Alexander Novak will meet his Saudi counterpart at the G20 summit in Argentina and discuss an oil output reduction in 2019, RIA news agency cited Novak as saying on Friday.He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members.Producer group OPEC and its allies are meeting in Vienna next week to discuss oil product
Oil Slips as Pessimism Over Supply Resurfaces Despite OPEC Pledge
Oil fell on Monday, surrendering earlier gains as investors weighed up the effectiveness of a potential cut in supply from OPEC and possibly other exporters in the face of rapidly rising global output.Brent crude futures were down $1.04 at $65.72 a barrel at 1447 GMT, having retreated from a session high of $67.64. WTI crude futures fell $1.03 to $55.43 a barrel.The Organization of the Petroleum Exporting Countries…
Russia's Novak Plans to Sign OPEC Partnership Deal
Russian Energy Minister Alexander Novak said on Monday that the country was planning to sign a partnership agreement with the Organization of the Petroleum Exporting Countries (OPEC) and that it would be discussed at OPEC's December 6 meeting.(Reporting by Olesya Astakhova; writing by Tom Balmforth; Editing by Christian Schmollinger)
Lukoil: No Need to Cut Output in 2019
Russia's Lukoil sees no need to cut crude output in 2019, CEO Vagit Alekperov said on Monday, as global producers discuss the situation in oil markets.Russia is part of a group of OPEC and non-OPEC oil-producing nations that teamed up two years ago in an effort to rebalance the market. The group first decided to cut output but changed course in June as prices spiked on fears of a shortage.On Monday…
Rosneft Snubs Government Oil Meeting
Russia's largest oil firm, Rosneft, snubbed a meeting chaired by Energy Minister Alexander Novak on Thursday aimed at consulting domestic energy companies as leading global producers signal a possible cut in crude output.A return to oil production curbs by OPEC and its allies next year cannot be ruled out, two sources in the Organization of the Petroleum Exporting Countries said on Wednesday…
Russia's Novak: Not Aware of any Eni Withdrawal from Rosneft Projects
Russian Energy Minister Alexander Novak said on Wednesday he was not aware of any decision by Italy's ENI to suspend its involvement in any Rosneft projects.Earlier on Wednesday, Interfax news agency reported that the two oil majors were discussing the terms of a suspension of their joint hydrocarbon projects in the Barents Sea, citing an unnamed Russian government official.Reporting by Olesya Astakhova; Writing by Polina Ivanova
