Eastern Europe & Russia

After OPEC decision, Russia expresses economic optimism

June 27, 2018 | Commodities & Oilprice, Eastern Europe & Russia, OPEC

Russian Energy Minister Alexander Novak said his country could put another 175,000 barrels of oil per day on the market. London, UK | –  A few days after Russia backed OPEC pledges on oil production, a Russian finance minister said Wednesday the pace of economic growth is accelerating. Russian Energy Minister Alexander Novak sat next to his Saudi counterpart, Khalid al-Falih, at a regular meeting for the Organization of Petroleum Exporting Countries that wrapped up during the weekend in Vienna. OPEC and non-member states agreed to put …

Saudi Arabia says oil deal with Russia helping market, demand healthy

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, Energy Trading & Markets

Moscow, Russia | – World energy markets can handle supplies of U.S. shale oil next year as demand is rising and deals between Russia and Saudi Arabia have helped stabilize crude prices, Saudi Arabia said on Thursday, suggesting confidence about the outlook. Saudi Arabia and Russia, the world’s biggest producers of crude, helped secure a deal between OPEC and 10 rival suppliers to cut output until the end of March 2018 in an effort to reduce a price-sapping glut. Saudi Energy Minister Khalid al-Falih, whose …

Russia’s oil cut deal with OPEC may be extended to end of 2018 – Putin

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, OPEC

London, UK | – President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018, though he’ll wait to make a decision until nearer the expiry of the existing pact in March, Bloomberg reports. The comments are the strongest signal yet that the Kremlin is willing to redouble efforts to lift global energy prices, coming as Putin prepares to welcome King Salman Bin Abdulaziz of Saudi Arabia to Russia for the first time this week. …

Russian gas pipelines to go ahead despite U.S. sanctions

August 03, 2017 | Eastern Europe & Russia, Pipelines

London, UK | –  New U.S. sanctions will make it harder for Russia to build two gas export pipelines to Europe but the projects are unlikely to be stopped. U.S. President Donald Trump has reluctantly signed into law further sanctions on Russia but some of the measures are discretionary and most White House watchers believe he will not take action against Russia’s energy infrastructure. This would allow Gazprom’s two big pipeline projects to go ahead, although at a higher price and with some delays. The …

Russia’s largest oil producer says new US sanctions are going to backfire

August 03, 2017 | Eastern Europe & Russia, Government & Regulations

Nizhnebureisky, Russia |  – New U.S. sanctions imposed on Russia will have negative consequences for the United States and backfire on U.S. energy majors, Igor Sechin, chief executive officer of Russia’s largest oil producer Rosneft , said on Thursday. U.S. President Donald Trump grudgingly signed into law new sanctions against Russia on Wednesday, a move Moscow said amounted to a full-scale trade war and an end to hopes for better ties with the Trump administration. “The sanctions are beginning to backfire on those who are …

Exxon sues U.S. over $2 million fine for breach of Russia sanctions

July 21, 2017 | Eastern Europe & Russia, Government & Regulations, Legal, United States & Canada

London, UK | – American multinational oil supermajor, Exxon Mobil Corporation must pay a $2 million fine for showing “reckless disregard” for U.S. sanctions on Russia while Secretary of State Rex Tillerson was the oil giant’s CEO, the Treasury Department said Thursday. Exxon sued the U.S. government to stop the fine. Treasury said that Exxon violated sanctions when it signed contracts in May 2014 with Russian oil magnate Igor Sechin, chairman of government-owned energy giant Rosneft. The U.S. blacklisted Sechin, Tillerson’s longtime business associate, as …

Russia to cut 2017 oil output plan by up to 300,000 bpd if freeze agreed

November 24, 2016 | Commodities & Oilprice, Eastern Europe & Russia, OPEC

Moscow, Russia | – Russia could revise down its 2017 oil production plans if a global output freeze pact comes into force, Russian Energy Minister Alexander Novak said on Thursday. “According to our plans, (Russian) oil output is going up next year. If we keep production at the current level we are making our contribution, for us that essentially means a cut of 200,000-300,000 barrels per day (in 2017)”, he told journalists. OPEC nations are due to meet on Nov. 30 to try to finalise …

Rosneft, BP create JV to develop resources in Russia’s Siberia

November 01, 2016 | Eastern Europe & Russia, Mergers, Acquisitions & JVs

Moscow, Russia | – International oil super majors Rosneft and BP have announced the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, “to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation,” the companies said in a joint press release on Tuesday. According to the report, the JV will “focus on the onshore exploration of two Areas of Mutual Interest (AMIs) in the West Siberian and Yenisey-Khatanga basins covering a combined area of approximately 260,000 square …