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Donald Trump has increased the pressure on India to reduce its Russian oil purchases. It could cost Moscow vital revenues, but will mainly push more Russian crude oil onto an ever-growing shadow market. The U.S. President said that Indian Prime Minister Narendra modi had pledged on Wednesday to stop purchasing oil from Russia. India has not yet confirmed this agreement. Since the 2022 invasion of Ukraine by Moscow, India has been a major buyer of Russian crude oil.
Sources say that the Russian refinery in Saratov has stopped operations following a drone attack by Ukraine.
Two industry sources report that the Russian refinery in Saratov halted processing crude oil on August 2 following a Ukrainian drone attack which damaged production equipment and caused fires at the plant. Roman Busargin said that drones attacked his region on Sunday, causing damage to civilian infrastructure within the city of Saratov. He did not identify which facilities were affected. Two industry sources claim that the refinery's CDU-6 unit for crude distillation…
Sources say that Rosneft’s Kuibyshev refinery stopped processing on 10 June after a drone attack.
Two industry sources have confirmed that Rosneft, a Russian oil producer, halted oil processing at its Kuibyshev refinery on June 10, following a drone attack. After the strike, which caused damage and fires at the plant, oil?processing at both primary crude distillation units -- CDU-4 & CDU-5, each with a capacity of approximately 10,000 metric tonnes (73,000 barrels per day) -- was halted. Rosneft didn't immediately respond to a comment request.
Sechin, the Russian Minister of Foreign Affairs, says that the United States benefits from the closing of the Strait of Hormuz
Igor Sechin, Rosneft's Chief Executive Officer, said that the U.S. Energy companies are the biggest beneficiaries of?the?closure of?the Strait of Hormuz. Washington is trying to alter the fundamental contours of global energy markets in order to suit its interests. Iran blocked the Strait after the United States, Israel and Iran attacked Iran in February and killed Supreme Leader Ayatollah Ayatollah Khamenei. The U.S. blocked Iranian ports.
Rosneft announces a jump in Q1 revenue, but warns that attacks could damage assets
The company reported that the first-quarter net profits?of Russia’s largest oil producer,?Rosneft, jumped seven-fold from the previous?three-month period due to an increase in global oil prices and foreign exchange movements, as well as one-offs. It warned, however, that an attack on its infrastructure could lead to asset impairments resulting in a weakened reported profit. In recent months, Ukraine has intensified drone attacks?on Russian infrastructure for energy in an effort to reduce Moscow's revenues.
Sources say that Russia's Syzran Oil Refinery has ceased operations following the April 18 drone attack
Two industry sources have confirmed that the Russian oil refinery Syzran has stopped processing after a 'Ukrainian drone strike and damage to its equipment on April 18th. Two people were killed earlier on Wednesday when a drone struck a house in Syzran. The city is located about 1,000 km (621 mi) from the Ukrainian border, along the Volga River. It wasn't immediately clear if the refinery had also been hit on Wednesday. Ukraine has intensified attacks on Russia's energy infrastructure over the past few months, as U.S.
Shell is in advanced talks with Venezuela about more gas fields, sources claim
Shell has advanced discussions with Venezuelan government about developing four large areas in the vicinity of Trinidad and Tobago in two of South America's largest offshore gas fields. Two people familiar with these discussions confirmed this. The London-based ?energy major has been trying for years to advance ?the 4.2-trillion-cubic-feet Dragon gas field in Venezuelan waters and could make ?a ?final investment decision on the flagship project by the end of this year.
Sakhalin-1, a Russian oil refinery, will reduce output by 10% by 2025
The U.S. abandoned the 'Sakhalin-1' project in Russia, which was a major oil production facility. ExxonMobil's major ExxonMobil continued to decline last year. It fell by 10.3% due to planned maintenance. The production volume, which is expected to fall 9.8% by 2024, was not provided. Exxon had to take a $4.6bn impairment charge in April 2022 on its 30% operator?share in the project offshore Russia's Pacific?coast. This was due…
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. Hugo Chavez, the then president, expropriated foreign oil companies in the 2000s to strengthen the control of the PDVSA, the state-owned oil company, over the oilfields. The U.S., after capturing President Nicolas Maduro, eased sanctions against Venezuela's energy industry…
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month.
TotalEnergies CEO: TotalEnergies did not pay French taxes last year because of a loss in the refining business
TotalEnergies, the French oil giant, did not pay corporate tax in France in 2017 because its operations there generated a loss in excess of 300 million euros (about 356.07 million dollars), said CEO Patrick Pouyanne on Friday. Pouyanne, in an interview, was asked how Total, who on Wednesday reported a 2025 adjusted net profit of $15.6 billion escaped France's surtax on large corporations -- a measure which was supposed to be temporary, but was rolled into the budget for 2026 as France struggles with its high debt.
Russia claims US restrictions on its involvement in Venezuela's oil industry are discriminatory
Foreign Minister Sergei Lavrov stated on Wednesday that the new U.S. restrictions imposed on Russia and other countries' role in Venezuela's petroleum business was blatantly discriminatory. The Kremlin also said it would clarify this matter with Washington. The U.S. Treasury Department issued a license on Tuesday to facilitate exploration and production in Venezuela. The license does not authorize transactions with Russian, Chinese or Iranian entities or nationals.
Rosneft Oil Refinery Warns of US Sanctions
Management at a Russian-owned oil refinery in Germany have privately warned Berlin that U.S. sanctions are hurting its business and threatening fuel supply for the country's capital and the region, according to correspondence seen by Reuters.In a January letter, management of the PCK Schwedt refinery, controlled by Rosneft, made an "urgent appeal" to economy and energy minister Katherina Reiche to resolve a standoff with the United States over the refinery's future.The letter outlines escalating problems at the refinery…
The EU's new sanctions plan is designed to target Russian crude exports more severely
The European Commission proposed on Friday a ban on all services that "support" Russia's crude oil exports by sea. This is a far more comprehensive measure than previous EU sanctions, and goes beyond the piecemeal approach in an effort to "stunt" Moscow's main source of revenue for its war against Ukraine. With the assistance of Western shipping, Russia exports more than a third its oil on Western tankers. These are mainly from Greece. Cyprus and Malta.
Russian Oil Stored in Tankers Awaits Sales
Traders are increasingly using tankers to store Russia's Urals crude as demand weakens and customers weigh growing sanctions risks, Reuters calculations based on LSEG and trade data show.Major importers India and Turkey have cut purchases since the end of the last year amid tougher Western sanctions, including recent U.S. measures on Rosneft and Lukoil and a European Union ban on fuel produced from Russian crude. Prices for Russian…
Russian Urals Oil Trades at Close to Widest Discounts Since 2022
Russian February Urals crude oil cargoes traded at close to the widest discounts against dated Brent in Indian ports since 2022 amid intensified pressure from Western sanctions, two sources said.Urals oil cargoes to be supplied in February traded at discounts of $10 per barrel to dated Brent for delivery in Indian ports, a $3-5 per barrel increase from estimates for cargoes loading in the autumn months last year and close to the widest discount on record, the two sources said.Late in 2025 the U.S.
US permits talks about Lukoil’s foreign assets to continue until February 28,
The U.S. Department of Treasury on Wednesday extended the license for companies to 'talk' with Russian energy giant Lukoil regarding buying their foreign assets by more than one month, until February 28, 2019. On October 22, President Donald Trump sanctioned Lukoil, one of Russia's largest energy companies, and Rosneft, the other, as part a campaign to put pressure on Moscow for its involvement in Ukraine. Lukoil listed its assets for sale soon after.
Iraq nationalises West Qurna 2 Oilfield Operations, Government Says
Iraqi Cabinet has approved the nationalisation of petroleum operations in West Qurna 2 Oilfield, one?of the world's largest oilfields, according to the 'provisions' of a contract signed with Russia Lukoil. The cabinet agreed to also seek approvals for financing operations via the Majnoon account. This will be boosted with proceeds from crude shipments sold by SOMO, state oil marketing company. An Iraqi oil manager said that the state-run Basra Oil Company would?cover local salaries…
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate…
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate…
