Thursday, October 18, 2018

Alexander Novak News

​ Brent Tilts into the Red, but U.S.-China Trade Truce Limits Losses

© Christopher Boswell / Adobe Stock

Brent crude oil declined on Monday, surrendering early gains, though the prospect of an easing in trade tensions between the United States and China helped to stem losses.Brent crude futures eased by 12 cents to $78.39 a barrel by 1352 GMT, having reached a session high of $79.19. U.S. crude futures were up 30 cents at $71.55."Oil prices are finely balanced in today’s trading session. Ramping up of oil production in the U.S.

Oil Prices Ease, but Brent Still Set for Weekly Gain

© masterart2680 / Adobe Stock

Oil prices eased on Friday but Brent was still set to record a weekly gain helped by easing trade tensions and Saudi Arabia's decision to halt crude transport through a key shipping lane.Brent futures were down 9 cents at $74.45 a barrel by 1349 GMT but on track for the first weekly increase in four.U.S. West Texas Intermediate futures were 25 cents down at $69.37 and set for…

Russia's Novak: OPEC+ Can Consider Returning Up to 1.5 mln bpd

© Nes Jerry/ Adobe Stock

Members of the OPEC+ oil production cut deal can consider returning up to 1.5 million barrels of oil per day (bpd) to the market gradually, as one of the possible options, Russian Energy Minister Alexander Novak told reporters on Thursday.Novak also said the gradual increase is possible from July 1, but the countries who joined the global oil production cut deal are yet to discuss all the terms.

OPEC Strives for New Deal as Iran Wary of Output Hike

© spf / Adobe Stock

OPEC's leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet rising global demand, with Iran still signalling it would support only a modest increase in supply.The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from top consumers such as the United States…

Russia's Rosneft More Than Triples Q2 Net Profit

Photo: Rosneft

Russia's Rosneft more than triples Q2 net profit, shares hit recordRussia's largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228 billion roubles ($3.6 billion) on higher production and prices, pushing its shares to an all-time peak.Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and BP…

Oil Rises as U.S. Sanctions on Iran Squeeze Supply

© Pam Walker / Adobe Stock

Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S. West Texas Intermediate (WTI) crude gained $1.10, or 1.6 percent, at $68.64 a barrel.WTI's discount to Brent <CL-LCO1=R> widened to as much as $10.38 a barrel…

Russia sees hard-to-recover oil output rising 10 percent in 2018

© Ded Pixto / Adobe Stock

Production of hard-to-recover oil in Russia is expected to rise by 10 percent to 43 million tonnes (860,000 barrels per day) this year, boosted by tax incentives, Russian Deputy Energy Minister Pavel Sorokin said in an interview.He also said the government had no immediate plan to reduce oil exports in order to curb an increase in domestic fuel prices.Russia is pinning its hopes on hard-to-recover oil, hidden beneath non-porous rocks, as conventional oil reserves in

Oil Approaches $80 a Barrel

© PRUSSIA ART / Adobe Stock

The oil price rallied towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.Brent crude futures were last up 41 cents on the day at $79.47 a barrel by 1323 GMT, having touched a session peak of $79.66, the highest since late May, when the price pushed above $80. U.S.

Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal

China COSCO Shipping, Executive Vice President, Sun Jiakang (first from left) PAO Novatek, Chairman of the Management Board Leonid Mikhelson (second from left) Director of the National Energy Administration of China, Nur Bekri (fourth from left) Minister of Energy of Russia, Alexander Novak (fourth from right) CNPC, Board Director, President, Zhang Jianhua (third from right) MOL, Senior Managing Executive Officer, Takeshi Hashimoto (first from right). Photo: Mitsui O.S.K. Lines

Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation Limited for the Yamal LNG project, made its first call at PetroChina LNG Jiangsu Terminal in China on 17 July.A ceremony celebrating this milestone was held on 19 July.At the end of March 2018, the vessel started transportation services for LNG produced by the Yamal LNG plant at Sabetta port in Russia.

U.S. Energy Secretary to Russia: Joint Work Could Help Market Stability

U.S. Energy Secretary Rick Perry  (Photo: Energy.gov)

U.S. Energy Secretary Rick Perry said on Thursday he had told his Russian counterpart Alexander Novak in talks in Moscow that Washington and Moscow could work together as leading energy producers to ensure global market stability.Perry said he told Novak that both the United States and Russia were interested in the market remaining competitive and that their interests overlapped in the energy sphere.Reporting by Katya Golubkova Writing by Tom Balmforth

Oil Prices Dip as Markets Eye Potential Supply Increases

© Oleksiy Mark / Adobe Stock

Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 0057 GMT.U.S. West Texas Intermediate (WTI) crude was down 27 cents, or 0.4 percent, at $70.74 a barrel.Supply…

Russia's Novak to Meet with U.S. Counterpart Perry

Russia's energy minister Alexander Novak will meet with his U.S. counterpart Rick Perry on Thursday to discuss the situation on global oil and gas markets, Russia's Energy Ministry said in a statement on Monday.Novak and Perry will also discuss the activities of Russian companies in the United States and of U.S. companies in Russia, the statement said. Reporting by Olesya Astakhova; Writing by Andrey Kuzmin

Russia's Energy Minister: High Oil Prices Benefit No One

Alexander Novak (Photo: Gazprom)

Russian Energy Minister Alexander Novak told Rossiya state TV that high oil prices are not beneficial to anyone, after the OPEC and non-OPEC group of oil-producing countries ruled out any immediate increase in crude output."All countries should aim to reach one goal: a balance of demand and supply. High oil prices are not beneficial to anyone," Novak said in an interview recorded…

Russia's Novak Says Oil Production Curbs Could Be Eased

© zhu difeng / Adobe Stock

Russian Energy Minister Alexander Novak said on Thursday restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June, the Interfax news agency reported.Novak said OPEC and non-OPEC countries currently plan to keep in place their deal to cut global oil output, the news agency reported.Separately, Novak said he planned to meet Khalid al-Falih…

Oil Steadies Ahead of Key OPEC Meeting

© tomas/ Adobe Stock

Oil prices steadied on Thursday, but still faced pressure from evidence of rising U.S. output and uncertainty over the outlook for supply before a meeting next week of the world's largest exporters.Benchmark Brent crude oil was up 10 cents at $76.84 a barrel by 1320 GMT, while U.S. light crude was 45 cents higher at $67.09.Brent hit a high of $80 a barrel in May but has since drifted lower…

Oil Falls $2 a Barrel Ahead of OPEC Meeting

© James Thew / Adobe Stock

Oil prices fell sharply Friday, with benchmark Brent crude dropping more than $2 a barrel ahead of an OPEC meeting in Vienna next week as two of the world's biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output.Brent crude oil fell $2.15 a barrel to $73.79 by 10:56 a.m. EDT [1556 GMT]. U.S. light crude was $1.77 lower at $65.12 a barrel. Brent crude is on track to end the week down more than 3 percent, while U.S.

Oil Slips On U.S./China Trade Dispute, OPEC Supply Outlook

© Ded Pixto / Adobe Stock

Oil fell on Tuesday ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp selloffs in many global markets.Brent crude futures eased 60 cents, or 0.8 percent, to $74.74 a barrel by 11:31 a.m. EDT (1531 GMT), while U.S. West Texas Intermediate crude futures fell $1.01, or 1.6 percent, to $64.84…

Russia Ready to Consider Gas Supplies via Ukraine After 2020

Russian Energy Minister Alexander Novak told European Commission Vice President Maros Sefcovic that Russia was ready to consider using Ukraine as a gas transit route after 2020, the energy ministry said on Wednesday. German Chancellor Angela Merkel said on Tuesday that a gas pipeline planned to run from Russia to Germany through the Baltic Sea could not go ahead without clarity on Ukraine's role as a transit route for gas…

Gazprom: Sea Portion of TurkStream First Line Completed

Photo: Gazprom

Russia's Gazprom said on Monday it had completed the sea portion of the first line of the TurkStream offshore gas pipeline across the Black Sea.Gazprom, which plans to complete the pipeline in 2019, said in a statement that 1,161 km, of pipe had been laid since it began construction last year.The second line, designed to ship gas to south European countries such as Greece, Bulgaria and Italy, will be laid in the third quarter of 2018, the company said.Russian Energy

Oil Surges to Fresh Highs on Growing Supply Worries

File Image (CREDIT: AdobeStock / © Hensenn)

Brent jumps to over $75/barrel as WTI rises above $70/barrel. The continuting economic crisis in Venezuela threatens its oil exports. Oil prices rose to their highest levels since late-2014 on Monday, boosted by Venezuela's deepening economic crisis and a looming decision on whether the United States will re-impose sanctions on Iran. Brent crude oil futures were at $75.67 per barrel at 1126 GMT, up 80 cents from their last close.