Tuesday, 19.02.2019
The OPEC/non-OPEC production cut agreement put a floor under oil prices and has significantly benefited Russia’s budget and companies, Russian Energy Minister Alexander Novak said on Thursday, according to S&P Global Platts. The price of the commodity could have dropped to $25 a barrel if OPEC and its Russia-led non-OPEC...
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...
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,...
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...
Rosneft, Russia’s biggest oil producer, said Tuesday it more than doubled its net income last year, taking advantage of the climbing price of crude despite instability in the markets, AFP reported. The state-run oil giant reported a net income of 549 billion rubles ($8.4 billion) in 2018, up from...
Gasoline prices in Russia are the lowest in Europe, according to a report by state news agency RIA News published on Monday. RIA Rating collected and ranked the price of gasoline and diesel in 33 European countries, as well as in the central Asian country and former Soviet republic of...
Danish manufacturer of wind turbines Vestas has secured an order for a 99 MW wind power project from a joint venture between Russia’s Rusnano and Finnish company Fortum, News-24.ru reported. “Vestas has received a 99MW order in Russia, reinforcing our leading position in the country’s growing wind energy industry,”...
Russia’s independent gas producer Novatek is facing challenges in trying to secure an uninterrupted flow of LNG from its production facilities in Russia’s Arctic, Maritime Executive reports. The company is striving to occupy a share in the fast-growing global market of LNG and has commissioned the second and third...