Contents tagged with Oil
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 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 …
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 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 …
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 …
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.
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 …
The first American oil tanker arrived in the Polish port of Gdansk. The vessel, Saint Helen delivered almost 80,000 tons of "black gold" from Texas, Polish Radio reports.
The Vice President of the Lotos Group, Yaroslav Kawula declared that so far, this is a one-time delivery, but "it is possible to sign urgent contracts to diversify the oil sector."
"We want to show that we can process raw oil at any time," he said.
The President of the Management Board of the Lotos Group, Marcin Jastrzebski, …
India refused Rosneft's offer to buy five additional oilfields in the Vankor cluster (Krasnoyarsk Krai, Russia), reported Indian newspaper The Economic Times citing sources familiar with the negotiations.
"We do not want to put all of our eggs in one basket. Russia can continue to offer oil deposits, but we cannot accept all proposals," the source said. "We have invested enough in Russia, so, there is no need to close this deal urgently. There are other attractive opportunities for investment …
"Belarusian refineries process our raw oil. There is no other oil there and it is unlikely to appear, that is why we need to align their receiving our oil with the requirement of using our infrastructure," as said by President Vladimir Putin at a meeting on transport infrastructure development for the northwest Russia which was held on Wednesday, August 16th, in Kaliningrad, as reported by RIA Novosti.
Belarus has two oil refineries in Mozyr and Novopolotsk. Russia agreed to supply 24 million …