Contents tagged with Oil

  • Russian oil exports pivot east with hefty discounts, costing companies billions in lost revenue

    The redirection of Russian oil exports to the East following Western sanctions and a European embargo has resulted in multibillion-dollar losses for Russian oil companies. Compelled to offer discounts in order to secure Chinese buyers, the Russian oil producers have missed out on approximately $9 billion in revenue. From March to December 2022, the total discount provided to Chinese buyers of Russian oil was $5.3 billion, and from January to September 2023 it was a further $3.7 billion, …

  • Putin signs decree banning sale of Russian oil at price cap imposed by the West

    Russian President Vladimir Putin signed a decree prohibiting the supply of Russian oil and petroleum products to foreign legal entities and individuals if contracts for these supplies "directly or indirectly" enforce the price cap. "The established ban applies at all stages of deliveries to the final buyer," reads the decree published on the Kremlin’s website.

    The decree will be in effect for six months,  from February 1 to July 1, 2023. According to the decree, the measures are introduced "in …

  • Russia refuses to sell oil at price cap, threatens to reduce production

    Russia will not supply oil to those countries that maintain a price cap on Russian oil, said Russian Deputy Prime Minister Alexander Novak.

    According to him, a corresponding presidential decree will be published soon.

    "As part of this decree, there is a ban on the supply of oil and petroleum products to those countries and those legal entities that will require compliance with the price cap imposed by the European Union," Novak said.

    Novak also noted that the Russian Federation is prepared …

  • Russia failing to meet OPEC oil production quota

    Russia may have to pay a high price for the OPEC+ deal to reduce oil production which was concluded in the spring of 2020 after a price war with Saudi Arabia.

    Russian oil companies have been facing problems trying to restore production volumes after the largest one-time decline in history, which removed every sixth barrel produced in Russia from the oil market.

    While OPEC+ countries are increasing production, and the total quota for the cartel is increased by 400,000 barrels per day every …

  • 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 …

  • Kremlin refuses to recognize the fall in oil prices as catastrophic

    The sharp fall in world oil prices, after the OPEC members failed to agree on the extension and expansion of the deal, cannot be considered a disaster for Russia, Russian presidential spokesman Dmitry Peskov told journalists.

    "This is a very unpleasant price situation. We do not agree that in the medium term this is disastrous for Russia ," the Kremlin representative said, responding to a request to comment on the words of LUKOILs vice-president Leonid Fedun, who in an interview with RBC news …

  • Russia to pay Belarus more than $60 million for dirty oil

    Russia and Belarus have signed a protocol on compensation for the dirty oil which ended up in the Druzhba pipeline in spring 2019, based on a calculation of $15 per barrel, said Vladimir Sizov, deputy head of the Belarusian state oil concern Belneftekhim, as cited by BelTA.

    The compensation rate applies to 563,000 tons of dirty oil that was processed by the Mozyr refinery, Belneftekhim spokesperson Alexander Tishchenko explained to RBC. In this way, Belarus could receive $61.6 million from …

  • Belarus suspends transit of oil to Ukraine

    The transit of Russian oil from Belarus to Ukraine has been suspended due to the lack of free tankers in Ukraine that could store contaminated  oil, reported the press service of the Belneftekhim Concern.

    The oil routes leading to Ukraine are unstable and pumping has been suspended due to the lack of free tankers in Ukraine that could pump “dirty” oil through the pipelines. According to the new schedule, pumping will resume on night of May 19-20,” the concern noted.

    Belneftekhim also said …

  • Company connected with 'Putin’s Chef' concludes oil contract with Syria

     The company, connected with the Russian oligarch Yevgeny Prigozhin (known as “Putin’s chef”) concluded an oil contract with Syria, reports news outlet Echo of Moscow with reference to the newspaper The Bell

    According to media reports, Prigozhin’s company has been negotiating with the Syrian government since 2016.

    The company in question is Euro Polis, which has negotiated with the Syrian government on the concession, protection and development of oil fields in the country since 2016.

    The …

  • Russia signs contract with Tehran on resale of Iranian oil

    Iran and the Russian Ministry of Energy signed a contract on the supply of Iranian oil to world markets through Promsyryeimport foreign trade organization belonging to the Ministry of Energy of the Russian Federation, as reported by Interfax.

    According to the Iranian Minister of Oil, Bijan Namdar Zangeneh, the first oil tanker under this contract was sent in mid-November.

    Russian Energy Minister, Alexander Novak, told Bloomberg that until the end of 2017, sales under this deal will be limited …