Energy

Russia and Saudi Arabia are firmly committed to fulfilling the fresh OPEC+ deal on cutting oil output, the Russian Energy Ministry said on Thursday, according to TASS. The statement came after a telephone conversation earlier in the day between Russian Energy Minister Alexander Novak and his Saudi Arabian counterpart Abdulaziz...

Oil prices extended their slump Wednesday, with WTI hitting the lowest level since 2002 as planned output cuts were deemed insufficient to offset a coronavirus-fuelled slump in demand, The Guardian reports. The benchmark WTI contract tumbled to $19.20 per barrel, the lowest level in 18 years. Shortly after, around 11:20,...

As Russia remains in a month-long national shutdown in an attempt to curb the spread of the coronavirus, its citizens have cut back their spending by as much as a third as the country’s economy, fresh out of a long crisis, is facing new hardship, The Moscow Times writes. Early...

Just days after he was appointed as acting editor-in-chief of Russian business newspaper Vedomosti, Andrey Shmarov has intervened to remove an op-ed by columnist Konstantin Sonin titled, “A Hard Time of Responsibility,” criticizing Rosneft CEO and Putin ally Igor Sechin, The Bell reports. The article was initially published around 10...

The new OPEC+ deal to reduce production announced on April 10 will compel Russia’s oil industry to scale down the production of liquid hydrocarbon by 8.4% in 2020, Kommersant writes.  This is the lowest level since 1994, when production in Russia fell by about 10% over three years after the...

OPEC, Russia, and other oil-producing countries have finalized an agreement on the biggest oil production cut to date in the hope of bolstering global prices that have collapsed due to the coronavirus pandemic and a price war, Reuters reports.  OPEC+, a group of 23 oil-producing countries that includes Russia, said...

Oil prices dropped on Friday as traders feared that an OPEC deal to slash global supplies by 10% would not be enough to offset a historic drop in demand due to the coronavirus outbreak, The Associated Press reports. The price of Brent crude fell nearly 2.5% to $31.82 per barrel...

The Egyptian Atomic Energy Authority and the Novosibirsk Chemical Concentrates Plant (NCCP), a subsidiary of Russia’s Rosatom, have agreed on a ten-year contract for the supply of low-enriched nuclear fuel components for Egypt’s ETTR-2 research reactor, Power Engineering Magazine reported. The fuel components include uranium and aluminum items, Rosatom said...

OPEC and Russia reached a provisional agreement Thursday evening for a global cut in oil production by 10 million barrels a day for May and June, the deepest cut ever agreed to by the world's oil producers, The Guardian reports. The two sides said they expected the United States and...

Hours before the start of key talks between OPEC, Russia and other oil producers over efforts to prop up prices, a Russian source and an OPEC source told Reuters on Thursday Saudi Arabia and Russia still need to resolve differences over plans for deep output cuts. "I'm not sure how...