Friday, December 2, 2022
Russian Energy Minister Alexander Novak said on Tuesday the controversial Nord Stream 2 pipeline will be built even if the United States decides to impose sanctions against companies participating in the project, Reuters reports. "We hope that there will be no sanctions. If U.S. restrictions are imposed, the project will...
Russia is getting ready for a protracted slump in global oil prices and could use its $150 billion wealth fund to support the ruble as a breakdown in talks with OPEC kicked off a price war and pushed the currency to its weakest level in four years, Bloomberg reported. Under the government’s...
Russia could issue energy giant Lukoil a permit for geological exploration of three locations in the Caspian Sea, if the company wins an upcoming auction, Neftegaz.ru reports. Dmitry Kobylkin, Russia’s minister for natural resources and ecology, offered to conduct an auction featuring three locations in the Caspian Sea, namely Tyuleniy-1, Tyuleniy-2...
The economy of the world’s biggest energy exporter is heading for its deepest slump in more than 10 years due to the fallout from the coronavirus. However, an even bigger crisis may be just around the corner, Bloomberg reported. Analysts at the Kremlin-funded Skolkovo Energy Center warned this month that...
Moscow is hoping that the German government will remain committed to implementation of Nord Stream 2, a major gas pipeline project, Russian Ambassador to Germany Sergei Nechayev said in an interview with Germany’s Berliner Zeitung late on Tuesday, TASS reported. "It adheres to all European regulations and obtained all...
Iraq hopes to establish cooperation in the energy sector with Russia since the war-torn Middle Eastern country is “rebuilding after a long, drawn-out struggle against terrorism”, Iraqi Foreign Minister Ibrahim al-Jaafari stated at a press conference on Wednesday. Baghdad is open to business with any company interested in supporting the...
The pressure of geopolitical factors in the global oil market is becoming increasingly strong, which makes forecasting more difficult, Russia’s Energy Minister Alexander Novak told a session of the Russian Energy Week on Wednesday, according to TASS.  The minister said the situation on the market is “almost stable”. "Despite the fact...
In a bid to agree on how to divide the oil wealth of the region, five countries bordering the energy-rich Caspian Sea met Monday at an economic forum hosted by Turkmenistan, the Associated Press reported. The first Caspian Economic Forum convened Sunday in Turkmenistan's resort town of Awaza near the...
The global market may need a year or more to balance out in case of a decline in oil supply, while demand, hurt by the coronavirus pandemic, should be watched, Russian Deputy Energy Minister Pavel Sorokin said on Friday, according to Reuters. Earlier this month, Sorokin told the news agency...
Russia’s state-owned oil company Rosneft’s first-quarter profit jumped seven-fold to 81 billion roubles ($1.3 billion), driven by higher prices, the company said on Monday, according to Russian Gazeta. Rosneft has been pursuing an aggressive acquisition policy, expanding its global reach, but also amassing huge debt. In the past year, together...