Russia’s Q4 2016 oil supplies to Belarus will total 5 mln tonnes
Oct15

Russia’s Q4 2016 oil supplies to Belarus will total 5 mln tonnes

Russia’s supplies of crude oil to Belarus will be increased to 5 mln tonnes in the fourth quarter of 2016, Transneft official representative Igor Demin said Friday. “The plan is to deliver 5 mln tonnes via the Druzhba oil pipeline to Mozyr and Naftan refineries as defined in the Russian-Belarusian protocol in the fourth quarter (2.6 mln tonnes and 2.4 mln tonnes, respectively),” Demin said. On October 10, it was agreed...

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Saudi Arabia says $60 oil ‘not unthinkable’ by yearend
Oct10

Saudi Arabia says $60 oil ‘not unthinkable’ by yearend

Saudi Arabia said today it was “not unthinkable” that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. Speaking in the opening keynote speech at the World Energy Congress in Istanbul, Saudi Energy Minister Khalid Al-Falih said that whatever the oil price the kingdom was in good shape to implement its reform vision to transform the...

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OPEC Agrees Shock Oil Output Cut
Sep29

OPEC Agrees Shock Oil Output Cut

OPEC shocked markets with a deal to cut oil output after kingpin Saudi Arabia allowed bitter rival Iran to be exempted, but analysts warned Thursday the move would not likely have a lasting impact. The cartel’s announcement of the first reduction in eight years sent crude prices surging up to six percent Wednesday, while energy firms in the US and Asia followed suit with huge gains. At the end of six hours of negotiations and...

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Chinese experts doubt efficiency of oil agreement between Russia and Saudi Arabia
Sep07

Chinese experts doubt efficiency of oil agreement between Russia and Saudi Arabia

Chinese experts doubt the implementation efficiency of the agreement between Russia and Saudi Arabia aimed at stabilization of energy commodities prices, they said in an interview with TASS. “It will be very difficult to implement this agreement, as the volume for each exporter country is different. Many countries – producers of oil and gas rely on exports, so they are unlikely to agree to the terms of the...

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Russia’s Rosneft oil major shows positive dynamics of production growth
Aug12

Russia’s Rosneft oil major shows positive dynamics of production growth

Hydrocarbons production grew 0.7% year-on-year to 5.2 mln barrels of oil equivalent (boe) in the first half of 2016, Russian oil major Rosneft reported on Thursday. Growth of hydrocarbons production by 0.2% quarterly and 0.7% on an annualized basis was particularly supported by the increase in operation drilling by 16% on a quarterly basis and by 48% annually, the company said. “A new record of daily drilling rate equal to...

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