Russian Oil Production up 5%; Seaborne Exports up 9.5%
Russia's oil production rose almost 5% in the first half of June compared with May, the Interfax news agency reported on Tuesday, citing a source familiar with the output statistics.Average daily oil production, including condensate, was 1.46 million tonnes in the first 13 days of June, 68,000 tonnes more than May levels, the news agency reported.Russian oil companies, led by Rosneft ROSN.MM, were expected to re-open wells in June which they had shut due to Western sanctions as the companies bank on a pick-up in seasonal demand and sustained Asian buying, Reuters sources said previously.
Fire Breaks Out at Lukoil-Owned Ukhta Oil Refinery
A blaze ripped through the small-scale Ukhta oil refinery, controlled by Russian oil major Lukoil, the emergency ministry said on Thursday.It said the fire hit a diesel processing unit and that one man had been injured. Lukoil declined any immediate comment.Video footage posted on social media purported to show a huge ball of fire over the refinery. The ministry said the fire has spread through 1,000 square metres.Interfax news agency, citing an unnamed source, said staff had been evacuated from the plant.The refinery processed around 2 million tonnes of oil in January to November.
Two Dead in Russian Oilfield Fire
Two people have been killed and one injured in a fire in an elevator at Russia's Novatek northern oil and gas field, news agencies reported on Saturday citing emergency ministry officials.The fire broke out at East-Tarkosalinskoye field, Novatek's most mature oil and gas field, in Yamal Nenets region, the Interfax news agency said.The blaze had been put out, it said.Novatek did not reply to a request for comment, the emergency ministry office in the region did not respond to phone calls.(Reporting by Vladimir Soldatkin; Editing by Robert Birsel)
Russia Says Nord Stream 2 Will Be Ready in Months
Russian Prime Minister Dmitry Medvedev said on Monday that the Nord Stream 2 gas pipeline would be completed in a matter of months and U.S. sanctions imposed on the project last week would not be "catastrophic".Russia's new gas transit deal with Ukraine would also mollify the impact on Russian gas supplies of U.S. sanctions introduced on the pipeline project, he said.Last week a major contractor suspended work on the Nord Stream 2 project, which is led by Russia's Gazprom, due to U.S. sanctions introduced by U.S. President Donald Trump on Friday.Around 160 km (100 miles) of the gas pipeline…
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
Russia: Arctic Offshore Oil Feasible at $130/bbl
The head of Russia's Rosnedra subsoil agency said on Tuesday that the development of the Pobeda (Victory) offshore Arctic oilfield in the Kara Sea is feasible only at oil prices of $130 to $140 per barrel, Interfax news agency reported.Rosneft, the world's top listed oil firm by output, drilled a first exploration well in 2014 in the Kara Sea, which is part of the Arctic Ocean, with a rig provided by U.S. partner Exxon Mobil Corp.Exxon Mobil has pulled out from the project due to U.S. sanctions imposed over Moscow's annexation of Ukraine's Crimea Peninsula in 2014 and its support for pro-Russian armed separatists in eastern Ukraine.
Nord Stream 2 Launch Facing Delays
Russia's Nord Stream 2 gas pipeline project to Germany may launch in 2020, rather than the end of 2019, due to delays in obtaining permits from Denmark, Interfax news agency on Friday quoted Nord Stream 2 AG as saying.The Russian-led company has two pending route applications with Danish authorities, the first of which was submitted more than two years ago, but it was asked in March to assess a third route option in Danish waters.Nord Stream 2 was quoted by Interfax as saying that the launch date could be pushed back to 2020 if…
Oil Falls Near 2% as U.S.-China Trade War Intensifies
Oil prices slipped nearly 2 percent on Tuesday, on track to fall to their lowest levels in over a month as renewed doubts over U.S.-China trade talks stoked concerns over global growth and demand even though U.S. sanctions on Iran and Venezuela tightened supply and helped stem losses.Brent futures were down $1.36, or 1.9 percent, at $69.88 a barrel by 10:39 a.m. EDT (1439 GMT), while U.S. West Texas Intermediate crude was down $1.14, or 1.8 percent, at $61.11 per barrel.If the futures close at their current levels, it would be the lowest settle for Brent since April 4 and WTI since March 29.U.S.
Fire Breaks Out on Gas Pipeline in Russia's Urals Region
A fire broke out on a major gas pipeline in the Urals region of Russia, Interfax news agency reported on Monday, citing an unnamed source in the emergency services.Gazprom, which operates the pipeline via Gazprom Transgaz Yugorsk, said in a statement there were no casualties as a result of the fire and the company was using alternative routes to transport gas.It also said that it was preparing to do repairs. (Reuters, Reporting by Maria Tsvetkova and Vladimir Soldatkin. Editing by Jane Merriman)
Gazprom Names Burmistrova as Deputy CEO
Russian natural gas giant Gazprom has appointed Elena Burmistrova, the head of Gazprom Export, to the post of deputy chief executive, Interfax news agency cited sources as saying on Monday.Oleg Aksyutin, already a board member, was also named as a deputy chief executive, Interfax said. Aksyutin and Burmistrova join at least five other deputy CEOs at Gazprom.(Reporting by Oksana Kobzeva; Writing by Tom Balmforth; Editing by Jan Harvey)
Oil Steady, Supported by OPEC Cuts
Record U.S. output, exports offset some of OPEC's cuts.Oil prices were broadly steady on Friday as surging U.S. supply and concerns of a global economic slowdown were offset by falling OPEC output.International Brent crude futures were at $66.39 per barrel at 1231 GMT, up 8 cents from Thursday's settlement.U.S. West Texas Intermediate (WTI) crude oil futures were at $57.38 per barrel, up 16 cents."Oil prices are finely balanced in today's trading session," senior Interfax Energy analyst Abhishek Kumar said.The 14-member Organization of the Petroleum Exporting Countries pumped 30.68 million barrels per day (bpd) in February…
Oil Up On Saudi and OPEC Cuts
Oil prices gained nearly 3 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by U.S. sanctions against Iran and Venezuela.Brent crude futures were up $1.65, or 2.7 percent, at $63.16 a barrel by 1445 GMT. U.S. West Texas Intermediate (WTI) crude oil futures also gained 2.7 percent, rising by $1.40 to $53.81.Markets are tightening because of voluntary production cuts from Jan. 1, led by the Organization of the Petroleum Exporting Countries and allies including Russia…
Russia Ready to Discuss Cooperation with BP
President Vladimir Putin has proposed discussions on further cooperation with Russia to BP chief executive Robert Dudley, including on projects by Rosneft, Interfax quoted the Kremlin as saying on Thursday.BP holds a 19.75 stake in Rosneft, Russia's largest oil producer.(Reporting by Gabrielle Tétrault-Farber Editing by Alexandra Hudson)
Russia's Novatek Sees LNG from U.S. as its Threat
Leonid Mikhelson, the head of Russia's Novatek said on Friday that liquefied natural gas (LNG) from the United States as its chief threat, Interfax news agency reported.He said, according to Interfax, that LNG production in the U.S. enjoys cheap financing, while LNG production in Russia has a competitive edge thanks to its low production costs.Qatar is the world's biggest LNG producer.Energy companies are flooding Europe with U.S.
Gazprom Neft Considering Arctic LNG Production
Gazprom Neft, the oil arm of Russian gas giant Gazprom, is studying the possibility of its own liquefied natural gas (LNG) production in the Arctic as it tries to monetize its vast natural gas reserves.The discussions follow the successful launch of the Arctic-based Yamal LNG plant, controlled by Novatek, in December 2017.
Lukoil Opposes Prolonged Global Oil Output Cuts
The global oil output cut should not be prolonged, the head of Russia's second biggest oil producer, Lukoil, said on Wednesday, Interfax news agency reported.Lukoil would have to cut its output by 30,000 barrels per day by April under the OPEC and non-OPEC oil deal, but it could still maintain full-year oil output in 2019 at the same level as in 2018, Vagit Alekperov told reporters on the sidelines of the World Economic Forum in Davos, according to Interfax.Alekperov also said that the current oil price of around $60 per barrel was satisfactory for Russia's budget and for Russian oil companies.
Oil Climbs as OPEC Output Drop Eases Concerns About Glut
Oil prices rose on Friday after an OPEC report showed its production fell sharply last month, easing some concerns about prolonged oversupply.Brent crude was up 48 cents, or 0.78 percent, at $61.66 a barrel at 1450 GMT. Brent has risen around 2 percent this week, its third straight week of gains.U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.63 percent, at $52.40 per barrel.The Organization of the Petroleum Exporting Countries along with other producers including Russia agreed last year to output cuts starting from Jan.
Oil Falls After OPEC Delays Output Decision
Oil fell in choppy trading on Thursday after OPEC ended a key meeting having made no decision on crude output, as it prepared to debate the matter with other exporters the next day.The Organisation of the Petroleum Exporting Countries (OPEC) met in Vienna to decide its production policy in coordination with non-OPEC producers including Russia, Oman and Kazakhstan.An OPEC delegate said the organisation had agreed a tentative deal to cut oil output but had not yet come up with a final figure.Saudi Energy Minister Khalid al-Falih said earlier that OPEC needed Russia to come on board with any cuts.
Oil Falls as U.S. Crude Enters 'Bear Market'
Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes.Benchmark Brent crude fell below $70 a barrel for the first time since early April, down more than 18 percent since reaching four-year highs at the beginning of October.Brent dropped $1.52 to a low of $69.13 before recovering to around $69.55 by 1430 GMT, down 4.5 percent for the week and 16 percent this quarter.U.S. light crude fell for a 10th successive day, dropping under $60 a barrel to its lowest in eight months. The U.S.
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
