Contents tagged with OPEC

  • Saudi Arabia accuses Putin of lying

    Saudi Foreign Minister Faisal bin Farhan al-Saud accused Russian President Vladimir Putin of distorting the facts about the situation around the OPEC agreement on reducing oil production.

    Al-Saud said that Putin's words that the initiator of the collapse of the deal was not Russia, but Saudi Arabia, "completely devoid of truth." The day before, at a government meeting, Putin noted that in early March Russia offered to extend the OPEC deal, "but, unfortunately, the situation began to develop in …

  • China buys cheap Russian oil in record volumes

    China has taken advantage of falling demand for oil in Europe amid a coronavirus pandemic to replenish its reserves with oil from Russia. According to traders, China has already purchased 1.6 million tons of Russian oil for shipping by sea in the next four weeks, Reuters reported. At the same time, the Chinese are enjoying not only a drop in demand for oil in Europe, but also low prices for Russian raw materials.

    According to traders, Russian oil companies are quite happy with orders from …

  • Russia blames Gulf countries for crisis in global oil markets

    Russia said that the Gulf countries are to blame for the crisis in the world oil markets. According to Andrei Belousov, Russia's first deputy prime minister, Russia had never sought a sharp drop in oil prices or an end to cooperation with OPEC.

    In early March, Russia and OPEC could not agree on how their agreement on reducing oil production should work. OPEC wanted to expand the cuts to oil production, while Moscow proposed to expand the existing restrictions. The conflict occurred against the …

  • Russia promises to increase oil production amid collapse in prices

    Russian oil workers were ready to sever relations with OPEC and were ready for a drop in oil prices to $32 per barrel and below. Such a situation gives the country "opportunities that need to be properly assessed," a senior oil industry official who took part in preparing Russia's position ahead of talks with OPEC told TASS.

    "Yes, they assessed it. It's normal to look at different scenarios," he said, when asked if the Russian side had calculated the drop in oil prices to $32 per barrel and …

  • Russia announces plans to withdraw from OPEC+

    In 2020, Russia will consider the possibility of withdrawing from its agreement with the OPEC countries, according to which the largest oil producing countries must reduce their production in order to support oil prices by preventing excess supply.

    The OPEC+ deal, first signed at the end of 2016 and extended five times since then, becoming the first coordinated step between Russia and Saudi Arabia in more than 20 years, will not be permanent, Russian Energy Minister Alexander Novak told the TV …

  • Russia and US start talks on future of Venezuela

    Russia and the US will soon start talks on the future of Venezuela, which for years has been suffering from a sever economic crisis, hyperinflation, and a shortage of basic necessities, and is now also facing a bitter political crisis.

    Russian Deputy Foreign Minister Sergey Ryabkov arrived in Rome early this week to meet with the US Special Representative for Venezuela, Elliott Abrams.

    Russian Foreign Minister Sergey Lavrov told US Secretary of State Mike Pompeo on 4 March that he is willing …

  • Saudi Minister of Energy: Sanctions against Russia will affect the global energy market

    During a press conference, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih said that the new sanctions against Russia can have an impact on the global energy market, RIA Novosti reported.

    “Russia is a big supplier of gas to Europe and oil to China. If this happens, it will affect Europe, China and the world,” the minister said, during a press conference in Baku, where the meeting of OPEC+ Monitoring Committee․

      The committee will evaluate the measures to …

  • Russia overtakes Saudi Arabia as the world’s second largest oil producer but still lags behind the US

    Russia outpaced Saudi Arabia in crude oil production, moving into second place after the USA, the world's largest oil producer, RIA Novosti reports.

    According to a review by the Joint Organizations Data Initiative or JODI, in December 2018, the United States produced an average of 11.66 million barrels of oil per day. Russia now produces 10.74 million barrels per day while Saudi Arabia dropped into third place at 10.64 million barrels per day. 

    Meanwhile, experts of ITI Capital Ltd. said that …

  • Saudi Arabia accuses Russia of sabotaging OPEC+ deal

    The world’s largest oil producing countries, having signed another deal in December to maintain world oil prices, are now facing internal strife, reports.

    Saudi Arabia, the largest member of OPEC in terms of extraction, and the only country in the world capable of rapidly upscaling or downscaling its oil extraction, believes that Russia’s efforts as part of the market stabilization agreement are inadequate. 

    By undertaking to reduce extraction by 228,000 barrels per day, Russia is …

  • Putin wishes Maduro success as inflation in Venezuela reaches 1,000,000%

    Russian President Vladimir Putin wished success to Nicolas Maduro, President of Venezuela, whose second term began in the midst of a severe economic crisis, as well as shortage of currency and hyperinflation.

    As reported by TASS, at the ceremony of receiving credentials from new ambassadors, Putin wished success to Venezuela in stabilizing the situation in the country.

     “We sincerely wish success to the leadership of the country, our friends in Venezuela and all the people in this country in …