Sources say that OPEC+ has agreed to delay the December production increase by one month.
Three sources within the producer group said on Sunday that OPEC+ had agreed to postpone by one month the planned increase in oil production for December, due to the weak demand, notably coming from China, and the rising supply from outside the group.
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…
OPEC+ unlikely change policy on output at Oct. 2 panel
Five sources within the group said that despite recent drops in oil prices an OPEC+ panel will not recommend any changes this week to its current agreement to reduce production or to begin unwinding cuts made since December. On Wednesday…
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.
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.
Fire at Russian oil refinery Omsk injures seven people, but production continues
The local governor reported that seven people, including one person in serious condition, were hospitalized after an fire broke out at the Russian oil refinery in Omsk. However, the plant claimed to be operating normally and its production plans will not be affected.
Asian Countries Looking to Release Oil Reserves after U.S. Request
The world's biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices.The U.S. move reflects…
OPEC+ Sees No Need to Meet US Call for More Supply
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.The price of…
Rosneft Buys Huge Arctic Oilfield
Russia's Rosneft said on Monday it had bought the rights to a huge oilfield in the Taymyr peninsula in the Arctic, as it presses ahead with plans to use the Northern Sea Route to ship oil and products.In a regulatory disclosure, Rosneft said it had bought Taymyrneftegaz…
Gazprom Neft Sells Its First Arctic Oil Cargo to China
Russia's Gazprom Neft has sold its first ever Arctic oil cargo to China to ChemChina, two sources familiar with the deal told Reuters on Thursday.This week, Gazprom Neft said it had sent 144,000 tonnes of light Novy Port oil grade to the Chinese port of Yantai on the Bohai Sea from Russia'
Gazprom Aims to Increase Gas Supplies to China
Russia's Gazprom is committed to supply as much as 130 billion cubic meters of gas (bcm) to China annually in the longer term, a company official told a conference call on Tuesday.Gazprom currently supplies gas to China via the Power…
OPEC, Russia Extend Record Oil Cuts
OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group…
Saudi Arabia, Russia Reach Deal on Oil Output Cut Extension
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources…
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…
OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand
OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic.
Dudley Plans to Remain on Rosneft Board
BP Chief Executive Bob Dudley on Thursday said he intends to remain on the board of Russian oil giant Rosneft despite his plans to step down at BP next year.(Reporting by Olesya Astakhova; Writing by Tom Balmforth; Editing by David Goodman)
Rosneft Cuts Oil Output
Russia's largest oil producer Rosneft said on Tuesday its oil production had declined due to a decision by oil pipeline monopoly Transneft to reduce intake of oil due to a contaminated oil issue.It said Transneft had imposed a "significant" cap on oil intake from Rosneft's Yuganskneftegaz
Tainted Oil Set for Russian Refineries, Ports After Dilution
More than a million tonnes of contaminated oil from Russia's Druzhba ("Friendship") pipeline, expected to be shipped back from Belarus, will end up at Russian refineries and export ports after being diluted to usable levels, sources…
Lukoil 2020 Capex May Exceed $8 Bln
Russian oil producer Lukoil's capital expenditure may exceed $8 billion next year, the company's Vice President Pavel Zhdanov said on Thursday.The oil producer sees its capex at between 475 billion and 500 billion roubles this year, depending on the global oil deal between OPEC and its all
Russia Signals OPEC Should Raise Output
One of the key Russian officials to foster a supply pact with OPEC, Kirill Dmitriev, signaled on Monday Russia wanted to raise oil output when it meets with OPEC in June because of improving market conditions and falling stockpiles.Dmitriev, head of the Russian state's direct investment fu
