Oil production by members of global cartel OPEC fell to a four-year low in January as the organization applied a new pact to boost global oil prices, the International Energy Agency (IEA) said Wednesday, but Russia and other ex-Soviet states failed to cut back output as much as promised,...
Russia plans to cut oil output by 90,000-100,000 barrels per day in February compared to October 2018, Russian Energy Minister Alexander Novak told reporters on Tuesday, according to Gazeta.ru.
Russia, Saudi Arabia, and other OPEC member and non-member states took the level of production in October 2018 as the benchmark for...
Russia and Saudi Arabia plan to boost mutual investments in tourism projects, Chief Executive Officer of Russian Direct Investment Fund (RDIF) Kirill Dmitriev told reporters on Monday, according to TASS news agency.
"Investments from the Saudi side in Russia are going to be increased, including Russian tourism projects. The...
Venezuelan oil company PDVSA recently opened an account at Russia’s Gazprombank and it is telling customers of its joint ventures to deposit oil sales proceeds to the Russian bank, according to sources and an internal document seen by Reuters.
The state-run company’s move comes after the United States imposed tough,...
European Union ambassadors have agreed to toughen regulations on the controversial Nord Stream 2 gas pipeline from Russia to Germany, but they have decided not to back plans that might threaten its completion, Deutsche Welle reports.
If approved by the European Parliament, the agreement could complicate things for Russian energy...
All of Venezuela’s Russian customers with the exception of Rosneft had begun suspending or liquidating contracts with state-owned PDVSA in mid-to-late 2018, Russian analysts say, according to VOA News.
The news comes as numerous European clients of Venezuela’s state-owned PDVSA petroleum company freeze crude purchases in the face of mounting...
France has rejected an appeal by German Chancellor Angela Merkel’s government and has agreed to back a European Union proposal creating hurdles for Russia’s controversial Nord Stream 2 gas pipeline, Deutsche Welle reports.
The pipeline has long been opposed by the United States, which has its own energy interests in...
Following record-high 2018 exports, Russia’s state-run gas major Gazprom is looking to gain an even larger gas market share in Europe this year, a senior manager at the company said, according to OilPrice.com.
The company is expecting a decline in Europe’s gas output combined with rising demand to contribute to...
In a major sign of increasing economic cooperation, Pakistan and Russia on Wednesday signed an intercorporate agreement for the laying of more than 1,500 km offshore gas pipeline costing $10 billion, Rambler Finance reported.
The pipeline would be transporting natural gas from the Russian gas giant Gazprom’s sources in the...
Russia’s state-run gas company Gazprom is in talks with the authorities of Georgia over the extension or renegotiation of a contract regulating gas transit through the country, Black Sea news reported.
Tbilisi and Moscow had reached the previous deal on gas transit to Armenia back in January 2017, after long...
