Russia sees oil products output drop
Russia's output of oil products is expected to fall by about 2.5 percent in 2017 due to further work on a massive refinery modernisation programme aimed at boosting fuel quality, a deputy energy minister said. In 2011, the government and oil producers agreed on the $50 billion initiative to update Russia's refineries, most of which were built in the 1940s and 1970s.
Oil Rises as Kuwaiti Strike Cuts Output for Third Day
Oil prices rose on Tuesday as a strike by oil workers in Kuwait nearly halved crude production from the OPEC member, overshadowing bearish sentiment following Sunday's failure by producers to agree to freeze output levels. Thousands of Kuwaiti oil workers downed tools for a third day on Tuesday to protest against planned public sector pay reform, cutting crude output to 1.5 million barrels per day (bpd)…
Russia May Meet with OPEC Before March
Russian energy ministry officials may meet OPEC group before March, local news agencies quoted Russian Deputy Energy Minister Kirill Molodtsov as saying on Thursday. He added that OPEC has yet to send an invitation for the meeting, according to Interfax. (Reporting by Vladimir Soldatkin)
How Russia Was Warned Against Oil Output Cut as Prices Dived
As Russia prepares to meet OPEC next week, a briefing paper from a Moscow think tank has shed light on how the government was warned against cutting oil output late last year even though global prices were plummeting. Speculation was rife that Russia and the oil exporters' cartel might strike a production deal to arrest the slide when Energy Minister Alexander Novak met his Saudi Arabian counterpart last November.
Putin to Discuss Energy with Iraqi PM in Moscow
Russian President Vladimir Putin will host Iraqi Prime Minister Haidar al-Abadi in Moscow on Thursday to discuss ways to strengthen energy ties, the Kremlin said on Monday. Oil and gas sales account for about half of Russia's state budget revenues. The oil price has fallen sharply from a June 2014 level of $115 per barrel, though at around $66 it is off earlier lows.
South Stream Cancellation Means Anxious Wait for Pipemakers
Russia's decision to scrap the South Stream natural gas pipeline to Europe has left pipeline makers from Japan to Germany awaiting the fate of deals worth 1.8 billion euros ($2.24 billion). Their hopes are pinned on an alternative pipeline that President Vladimir Putin has proposed building to Turkey instead of South Stream's planned route across the Black Sea to Bulgaria.
Turkey May Suggest LNG Project to Russia
Turkey could propose to Russia building an LNG terminal in an energy complex on its border with Greece, as part of talks on planned new gas pipeline with its northern neighbour, Turkish Energy Minister Taner Yildiz said. Last week Russia scrapped the South Stream pipeline project to supply gas to southern Europe without crossing Ukraine, citing EU objections, and instead named Turkey as its preferred partner for an alternative pipeline.
Turkey May Suggest LNG Project to Russia
Turkey could propose to Russia building an LNG terminal in an energy complex on its border with Greece, as part of talks on planned new gas pipeline with its northern neighbour, Turkish Energy Minister Taner Yildiz said. Last week Russia scrapped the South Stream pipeline project to supply gas to southern Europe without crossing Ukraine, citing EU objections, and instead named Turkey as its preferred partner for an alternative pipeline.
Rosneft, ExxonMobil Continue Drilling for Now
Russia's Rosneft and U.S. ExxonMobil are continuing to drill in the Kara Sea and plan to stop work by Oct. 10, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday. "They are drilling and will be drilling until Oct. 10. They did have to stop on Sept. 26 but they extended," he told reporters on the Pacific island of Sakhalin where he was attending an energy conference. Exxon said on Friday that the U.S.
Russia Could Export Extra Oil From Kozmino in 2014
Russia could ship an additional 1.2 million metric tons of ESPO crude oil from the Pacific port of Kozmino due to a fire, which halted output at Achinsk refinery in June, a spokesman for oil pipeline monopoly Transneft told Reuters on Wednesday. "The exports could be increased by 1.2 million metric tons due to the accident at Achinsk refinery," Igor Dyomin said.
