Contents tagged with Oil

  • Ukraine began to receive Azerbaijani oil

    In late December, the Kremenchuk Oil Refinery Ukrtatnafta received its first cargo of Azeri Light crude oil with a volume of 80 thousand tons, according to its website. “In general, Ukrtatnafta plans to receive a total 1.3 million tons of oil in 2017,” the report stated.

    According to Interfax-Ukraine, the first cargo of Azeri Light crude was received by transshipment in Odessa via railway transport. After replacing Urals oil with Azeri Light in the Odessa-Kremenchuk oil pipeline, the raw oil …

  • Russia's Rosneft will control 12 percent of the oil market in Germany

    The Russian state-owned company Rosneft starting on January 1st, 2017, will increase the portion of its shares in three German refineries: Bayernoil (from 12.5 percent to 25 percent), PCK Schwedt (from 35.4 to 54.1 percent) and Miro Karlsruhe (from 12 to 24 percent). Rosneft received this possibility as a result of the completion of the agreement on restructuring a joint venture with the refinery and petrochemical company Ruhr Oel GmbH (ROG) in Germany, that was previously signed with the BP …

  • Russia plans to cut oil production by up to 300,000 barrels per day

    Russia plans to reduce oil production to 10.947 million barrels per day, based on its agreement with OPEC countries, the Russian Minister of Energy, Alexander Novak stated, Interfax reported.

    According to CDU TEK, Russia was extracting 11.247 million barrels per day in October. "10.947 million barrels per day is the end result of the reduction plan," Novak said, referring to data from CDU TEK.

    Novak also discussed the pace of reduction of oil production by Russia. By March, production should …

  • Latvia hopes it has found a replacement for Russian oil

    Latvia wants to become a participant in the “New Silk Road” transport project, taking into account the Russian company Transneft’s decision to stop exporting petroleum products through seaports in the Baltic States by 2018. This opinion was expressed by the president of the Baltic Association — Transport and Logistics (BATL), Inga Antāne, in an interview with Latvian television.

    Antāne has high expectations for the upcoming November summit in Riga between the heads of the central and eastern …

  • Poland begins to purchase Iranian oil as an alternative to imports from Russia

    Oil trader Mercuria, the largest seller of Russian Urals oil in Poland, is closing down its oparations with Urals oil and emptying Russian oil out of its tanks in the port of Gdansk, Reuters reports.

    It is noted that the oil trader will use a tanker to bring in Iranian oil. Mercuria will send more than 250,000 tons of unsold Urals oil to Asia using the super tanker Atlantas (VLCC). The same tanker will bring back two million barrels of Iranian oil to Gdansk.

    According to the agency, Polish …

  • Saudi exports of oil to Poland alarm Russian oil companies

    The Polish company Orlen has entered into a contract to receive oil from Saudi Arabia, provoking anxiety among Russian oil companies, as reported by Radio Poland. It is the first contract of its kind in Eastern Europe and may be followed by more. This can call into question the positions of traditional suppliers from Russia, headed by Rosneft.

    The head of Rosneft, Igor Sechin, has been afraid of this scenario since October of last year, the edition notes. He warned that the reduction of prices …

  • Oil reserves found in the Kharkiv region

    During a well test, an industrial oil flow with an average daily rate of 4.9 cbm was found in the Shevchenkovsky district of the Kharkiv region. According to preliminary data, resources are estimated to be approximately 290,000 tons of conditional fuel, as reported on Ukrgazdobycha’s company website.

    The oil deposit is about 2100 to 2200 meters deep. A number of other promising layers have been found above the drilled well, which creates an opportunity for further exploration in this area. …

  • Revenues from Russian oil export decreased by nearly half

    Russian oil export revenues for January and February 2016 are 41% lower than the same period in the last year, a difference of 8.84 billion dollars, RIA Novosti reported, citing data from the Federal Customs Service.

    It is reported that in real terms, the Russian Federation increased its oil exports by 40.184 million tons; a 2.5% increase for foreign countries in comparison with the same period in 2015. In financial terms, revenues accounted for 8.266 billion dollars, which is 41.6% lower than …

  • Russian officials admit: Oil prices are set in the USA.

    The president of the Russian oil producer,“Rosneft”, Igor Sechin, stated that shale oil production affects the structure of the world oil production and the flow of exports. “The decline in the oil prices is caused by the increase in the production of shale oil. Thus, the determination of the oil prices that was previously done by OPEC countries has moved to the USA, one of the biggest shale oil producers. This market has become the most important global regulator.” – Said Sechin.

    According to …

  • Russia is losing its share on European oil markets

    Saudi Arabia has a record number of world oil deposits. This can cause a major imbalance of the oil market.

    The oil experts agree that Saudi Arabia is trying to gain a bigger share on the European Market.

    Currently Saudi Arabia is on its way to making more oil deals. This can be a major problem for Russia as one of the major oil producers.

    For 13 year,  Saudi Arabia has accumulated record deposits of crude oil. On August of this year they came up to 326 615 barrels (approximately 44.55 …