Monday, June 1, 2020
Russian Energy Minister Alexander Novak met with domestic major oil companies on Tuesday to discuss the implementation of global oil production curbs and the possible extension of the current level of cuts beyond June, sources familiar with the plans told Reuters. The meeting is a further sign that Moscow is...
The Russian government has tentatively approved a plan on drilling idle oil wells in order to prepare for the restoration of oil production once the global deal on output curbs expires in 2022, according to a government statement published on Tuesday. Russia has agreed to cut its oil production by...
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...
Iraq and Saudi Arabia agreed on Saturday to continue working to re-balance markets and stressed their commitment to output cuts agreed by the Organization of the Petroleum Exporting Countries, Russia and other allies, Reuters reports. The comments came after Iraq’s Finance Minister Ali Allawi, who is acting oil minister, visited...
A sharp increase in the number of Covid-19 cases among workers at Kazakhstan's Tengiz oil field has prompted a warning from health officials that production may be affected if the outbreak is not contained, Argus Media reported. "The government commission adopted a schedule of work at the Tengiz field aimed...
The Board of Directors of the Russian oil major Rosneft made the decision to appoint Igor Sechin as the chief executive officer of the company for the next five-year term, the company said on Friday, TASS reported. "To appoint from May 24, 2020 Igor I. Sechin to the position of...
Russia’s state holding company Rosneftegaz has relinquished its controlling stake in the country’s largest oil producer, Rosneft, the company said on Friday, after Rosneft’s exit from Venezuela. Rosneft disposed of its assets in Venezuela two months ago as the United States stepped up sanctions against the firm, Reuters writes. Analysts have...
Nord Stream 2 AG, the Swiss-based operator of the Nord Stream 2 pipeline project, will analyze the decision taken by the European court, which dismissed the company’s claim against the EU Gas Directive norms, and can file an appeal against the judgment within two months, the press service of...
Russian diamond producer Alrosa offered an option to buy rough diamonds through its digital platform amid the coronavirus pandemic related restrictions. The company offers over 800 rough diamonds from 5-10 carats batches, according to its official statement. The offered volume is the largest that the company has ever put...
Bulgaria plans to set up a state-owned company to manage oil and fuel reserves and build petrol filling stations across the Balkan country to boost competition and ensure fair prices for consumers, the government said on Monday, Reuters reported. The plan comes days after parliament voted to boost tax controls...