Hungary declares that the issue of Russian gas payments has been resolved
Hungary's foreign minister announced on Friday that it had found a way to pay for Russian gas via the Turkstream pipe from Bulgaria, while avoiding the U.S. sanction. He did not provide any details about the agreement. The U.S. On Nov. 21, creating a barrier for European gas buyers. Gazprombank has been used by buyers to pay for their purchases, including a currency conversion scheme to roubles.
Russia's oil production in 2024 is expected to decline from 518-521 million T
Interfax news agency reported that Deputy Prime minister Alexander Novak said on Thursday that Russia will produce between 518-521 millions metric tons of oil (10.36-10.42million barrels per day). This amount is also expected in 2025. In September, he had predicted a production of 515-521 millions tons. In 2023, Russia produced 529,6 million tons of gas condensate, despite a reduction in supply due to an agreement with other OPEC+ members.
Hungary asks for an exemption from US sanctions on gas payments to Gazprombank
Hungary's Foreign Minister said that the United States should exempt Russia's Gazprombank when it comes payments for natural gases, as these sanctions could adversely affect some U.S. Allies. On Nov. 21, President Joe Biden stepped up measures to punish Moscow before he leaves his office in January. The sanctions prohibit the state-controlled bank from handling new transactions involving energy that are part of the U.S. Financial System.
OPEC+ Postpones its output policy meeting until Dec 5
OPEC announced on Thursday that the OPEC+ group of oil producing countries had postponed their next meeting regarding output policy from December 1 to Dec. 5, to avoid a clash with another event. OPEC announced that several OPEC+ Ministers will attend a summit of Gulf Arab Countries to be held on December 1 in Kuwait City. Before the official announcement, a source said that "Sunday is not for everyone". Top OPEC+ Ministers held discussions ahead of the summit.
Russia says it is too early to tell if the market will be ready for additional oil in Dec
Alexander Novak, the Russian Deputy Premier, said that it was still too early to determine if the market will need the additional volumes of oil the OPEC+ group plans to produce beginning in December. His comments could set the stage for a discussion on whether or not to implement the increase in oil production agreed upon by the group. He said the group, including Russia and Saudi Arabia included…
Russia aims to increase coal exports to India
Alexander Novak, Russian deputy prime minister, said that Russia was interested in increasing its coal exports to India in order to meet the growing demand for fuel in Asia. China is still the largest buyer of Russian coal, but Moscow says India could overtake China by the beginning of the next decade due to Beijing's plans for reducing coal use in power generation. India is increasingly relying on coal for its record-breaking power demand.
Russia's Novak believes that oil volatility is easing despite Middle East turmoil
Alexander Novak, Russian Deputy Premier Minister, told Al Arabiya News that he expects the volatility in oil prices to subside after the Middle East tensions have triggered it. Geopolitical risk has already been factored into the price fluctuations. Novak, who oversees the Russian economy as a whole, has said that the economy is still suffering from sanctions and will withstand any pressure or price cap imposed by the West on oil.
Sources say that OPEC+ is likely to continue with its planned production increase from October.
OPEC+ will proceed with a planned increase in oil production from October as Libyan outages, and pledged reductions by some members, to compensate for the overproduction, counteract the impact of sluggish consumer demand, according to six sources within the producer group. Eight OPEC+ member countries are expected to increase their output by 180,000 barrels a day in October…
Sources say that OPEC+ is likely to continue with its planned production increase from October.
OPEC+ will proceed with a planned increase in oil production from October as Libyan outages, and pledged reductions by some members, to compensate for the overproduction, counteract the impact of sluggish consumer demand, according to six sources within the producer group. Eight OPEC+ member countries are expected to increase their output by 180,000 barrels a day in October…
Russian Oil Revenues Falling Because of Price Cap -US Official
Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries, Australia and the European Union will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on Feb.
Oil Prices Up as Faith in Supply Cuts Grows
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.Brent crude futures were up 1.4%, or 48 cents, at $36.01 a barrel by 1210 GMT.U.S. West Texas Intermediate (WTI) crude futures gained 2.3%, or 75 cents, to $34. There was no WTI settlement on Monday because of the U.S.
Russian Oil Majors Examine Assets for Cuts
Russian oil companies are examining which wells they will cork, looking mainly at mature fields where production was falling anyway and as Moscow needs to deliver its biggest output cut ever to comply with the new global supply deal, sources said.The Organization of the Petroleum Exporting Countries and other oil nations including Russia, the group known as OPEC+, agreed to…
Russia Expecting Oil Output Bump
Russia still expects an increase in 2019 oil output to a record 556-560 million tonnes from 555.8 million tonnes produced in 2018, Energy Minister Alexander Novak told the ministry's magazine, in comments published on Thursday.That would mean production would reach between 11.17-11.25 million barrels per day, up from 11.16 million in 2018.Novak also said that Russian natural gas production is expected to edge up by 2% to 740 billion cubic meters, while coal output a
Oil Steadies After Brief Slide
Oil steadied on Tuesday, as expections of output cuts from OPEC and allied producers brought prices back up after they slid briefly following comments from U.S. President Donald Trump that a trade deal with China may be delayed.Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $56.05 a barrel.
OPEC, Other Stakeholders May Adjust Output Quotas
Russian Energy Minister Alexander Novak said on Wednesday the forthcoming meeting of OPEC and other large oil producers may discuss adjusting oil output quotas at a next-month meeting, local news agencies reported."We don't rule out discussing various issues," Novak was quoted as saying by the Interfax news agency when asked if the OPEC+ meeting would discuss lower production quotas for Russia. (Reporting by Maxim Rodionov and Vladimir Soldatkin
Russian Oil Output Down in October
Russia lowered its oil output to 11.23 million barrels per day (bpd) last month from 11.25 million bpd in September, missing again its obligations under a global pact to curb production, energy ministry data showed on Saturday.The Organization of the Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - have since January implemented a deal to…
Oil Dips on doubts Around Latest U.S.-China Trade News
Oil prices slumped more than 2% on Monday on worries that global crude demand could stay under pressure as a lack of details about the first phase of a U.S.-China trade deal dimmed hopes for a quick resolution to the tariff fight.Brent crude dropped $1.26, or 2.1%, to $59.25 a barrel by 12:19 p.m. EDT (18:19 GMT), while U.S. West Texas Intermediate (WTI) crude lost $1.20, or 2.2%…
Russia: Saudi Oil C-Suite Changes Won't Impact Cooperation
Changes in the management of its oil ministry by Saudi Arabia will not impact cooperation between Russia and the Middle East kingdom, Russian Energy Minister Alexander Novak stated today, adding that he plans to meet his Saudi counterpart Khalid al-Falih in the near future and ahead of a planned visit by Russian President Vladimir Putin to the country.Saudi Arabia has named Yasir al-Rumayyan…
Oil Prices Mixed Ahead of US Crude Sstock Data
Oil prices were mixed on Tuesday ahead of data expected to show U.S. crude stocks declining, outweighing investors' concerns that U.S.-China trade tensions could dampen fuel demand.Benchmark Brent crude futures settled up 19 cents, or 0.3%, at $65.05 a barrel.U.S. crude futures fell 7 cents, or about 0.1%, at $57.83 a barrel.Investors shrugged off U.S. President Donald Trump's…
Oil Gains as OPEC Sticks to Supply Cuts
OPEC cuts expected to remain despite Trump pressure. Separately, oil supported by unexpected drop in U.S. inventories.Oil rallied for a second day on Wednesday, buoyed by an unexpected decline in U.S. crude inventories and after Saudi Arabia appeared undaunted by pressure from U.S. President Donald Trump on OPEC to prevent steeper price rises.Saudi Energy Minister Khalid al…
