German authorities search for sites in connection with the winding down of German Gazprom Unit
German federal prosecutors said on Wednesday that they had conducted searches 'on suspicion of attempted sabotage' in connection with the 2022 closure of Gazprom Germany. The prosecutors stated in a statement that there are suspicions the sale and liquidation was done to disrupt gas supplies in Germany. Gazprom didn't immediately respond to a request for comment.
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…
Russia confirms that OPEC+ will remain after UAE withdrawal, but no price war is expected
Russian news agencies reported that Alexander Novak, the deputy prime minister of Russia, said on Thursday the OPEC+ oil producing group would continue to work together despite United Arab Emirates' departure. Novak, according to?reports?, said that he didn't expect a?price?war? after the UAE's departure given the?global?oil deficit. The UAE announced on Tuesday that it would be leaving OPEC.
Russia will remain in OPEC+ and hopes that the UAE's exit from group does not mean its end
The Kremlin announced on Wednesday that Russia planned to?stay?in OPEC+ despite a United Arab Emirates decision to leave. It expressed its hope that the grouping of major global oil producers will continue to function. The 'UAE announced on Tuesday that it would be leaving the Organization of Petroleum Exporting countries, dealing…
Sakhalin-2 to supply Japan with a large amount of Russian LNG by 2025
Sakhalinskaya Energy, the project operator, said that Japan will purchase 58% of Russia's liquefied natural gas from Sakhalin-2 in 2025. It is also buying oil for the first time since 2012. Japan, along with other G7 nations, has reduced its Russian imports since the beginning of Moscow's war with Ukraine in February 2020, but…
Russia says Middle East conflict disruption creates new trade opportunities
The war in the Middle East has caused global supply disruptions, which have created new trade opportunities for Russia. However, price stability on the domestic market is still a top priority, said Russian Prime Minister Mikhail Mishustin. Many experts believe that Russia is one of the major economic beneficiaries of the conflict.
Russia claims that OPEC+ monitor panel will likely discuss oil price increase
?Russian foreign?ministry? said?on?Wednesday that it expects OPEC+ to discuss the recent increase in oil prices at its meeting on April 5th. Brent front-month futures have hit a'record gain' of 64% for the month of March according to LSEG data going back to June 1988. U.S. benchmark West Texas Intermediate has risen by around 52% this month. This is its largest jump since May 2020, due to Iran's war.
Gazprom claims that TurkStream pumping stations and other facilities were attacked
Gazprom reported Wednesday aerial attacks against its southern Russian facilities, including the Russkaya Pumping Station that exports natural gases via the 'TurkStream' subsea gas pipeline to Europe. However, the company added that the attacks were all foiled. The facilities, 'linked to the TurkStream or Blue Stream pipelines', were attacked 12 times in the last two weeks.
OPEC data show that Russian oil production fell by 56,000 bpd during February.
According to a copy of OPEC's monthly data, reviewed on Wednesday, Russian oil production fell by around 56,000 barrels a day or 0.6% in February compared to?January, bringing it down from 9.184 million bpd. The U.S. has imposed pressure on India, Russia's second largest buyer, to reduce crude oil exports. Since February, Russian…
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…
Russia accuses Ukrainian drones of attack on LNG Ship in Mediterranean
The Russian transport ministry accused Ukrainian drones on Wednesday of attacking the Arctic Metagaz, a Russian LNG carrier that caught fire in a Mediterranean sea?a day before. It would be the first attack on a Russian LNG ship by Ukraine if confirmed. The Security Service in Ukraine did not reply to a comment request. Ukraine…
Russia warns of a possible oil shortage due to the closure of Strait of Hormuz
The Russian Foreign Ministry said on Sunday that the closing of 'the Strait of Hormuz' to shipping would lead to "significant imbalances" in a global oil and gas market. Trading sources reported on Saturday that a number of tanker owners, major oil companies and trading houses had suspended crude oil, fuel, and liquefied gas shipments through the Strait of Hormuz following the U.S.
Putin condemns the killing of Iran’s Khamenei, but has offered little more than condolences.
The Russian president Vladimir Putin condemned Sunday the murder of Iranian Supreme leader Ayatollah Ali Khamenei, calling it a "cynical", but offered Moscow's ally little else in public than condolences. Khamenei's fall is the 'third Russian ally that has been toppled? in the last 15 months. This follows the fall of?Moscow backed?leaders?in Venezuela and Syria.
Russia exports 238 million tonnes of oil by 2025, says Deputy Prime Minister
Alexander Novak, Deputy Prime Minister of Russia, said that the country's oil exports will reach 238 million tons by 2025. Around 80% of these volumes are sent to China and India. The Russian exports of 480 million barrels a day or 240?million tonnes are roughly comparable. After the beginning of the war in Ukraine, Russia was forced to divert its oil exports away from Europe.
Kazakhstan: Tengiz supergiant oilfield nearing capacity
Kazakhstan?Energy minister Erlan Akkenzhenov announced on Friday that oil production had almost reached full capacity in the largest oilfield, Tengiz. This was after the oilfield suffered a power failure at the end January. The decline in production at Tengiz, a Chevron-led project, caused Kazkhastan to reduce its oil exports. It also boosted the global oil price.
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.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments in Kazakhstan due to legal actions taken by the government against the oil giant and other international companies over cost disputes. CEO Wael sawan confirmed this. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfields and Karachaganak…
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments due to legal actions launched by the government against it and other international companies for cost disputes. CEO Wael Sawan said that Shell would halt its new investments because of the legal proceedings. Kazakhstan has been in conflict with international oil companies for many years. It launched…
Russia builds its first LNG tanker of the ice class and plans to build two more by 2026
Interfax, citing the CEO of the company, reported that 'Russia's leading tanker group Sovcomflot' received its first Russian-built Ice-class tanker built for liquefied gas from Zvezda Shipyard. It plans to order two more in the next year. Due to Ukraine-related sanction, Russia has difficulty in securing gas carriers. This is especially…
Kazakhstan to see arbitration decision on Karachaganak by year's end
Yerlan Aktenzhenov, Kazakhstan's Energy Minister, said on Monday that a decision in the arbitration?case involving a consortium of international companies developing the Karachaganak -oil -and -gas condensate?field?would be expected by year's end. Akkenzhenov told reporters in Astana that there are arbitration proceedings relating to the Karachaganak Project.