Russia throws weight behind extending output cuts
Russia has thrown its weight behind the extension of oil output curbs, ahead of OPEC talks.
Russia
Oil prices at five-month lows following Russian indecision
Oil prices were hovering at near five-month lows on Friday, after comments from the Kremlin suggesting indecision over whether to extend production cuts sent crude tumbling overnight.
Oil rallies as US glut eases, Russia backs cuts
Crude rebounded from a six-week low on signs the U.S. supply glut is easing and as Russia signaled support for extending output cuts with OPEC.
Sistema slumps in Moscow as Rosneft files $1.9bn suit
Sistema PJSC, billionaire Vladimir Evtushenkov’s holding company, plunged as much as 32 percent in Moscow trading Wednesday and borrowing costs surged after state-run oil producer Rosneft PJSC filed a $1.9 billion court claim against it.
Volga Gas back in black as production rockets
Volga Gas returned to black last year as the London-listed company benefitted from increased production and a more stable rouble.
Norway doubles Barents Sea resources estimate
Norway has doubled its estimates for undiscovered oil and gas resources in the Barents Sea.
Extending oil output cuts a tough task for Russia
For Russian oil companies, the historic agreement to boost prices by cutting output in conjunction with the Organization of Petroleum Exporting Countries was an easy win. Extending the deal will be less straightforward.
Russia to support prolonged oil output cuts
Russia is likely to support extending a multinational deal to cut oil output as higher prices boost revenue in the run-up to next year’s presidential election, a Bloomberg survey shows.
Russian shipping firm takes Venezuelan oil hostage over debts, report says
UK courts will decide whether a Russian shipping conglomerate was right to stake a claim to $20million worth of Venezuelan oil aboard one of its tankers, a news report said.
Belarus settles gas debt with Gazprom
Belarus has settled its $726million debt for gas supplied by Gazprom in 2016-17, the Russian energy giant said.
Third weekly gain for oil as IEA says market close to balance
Oil capped its third weekly gain after the International Energy Agency said production cuts have brought world markets “very close to balance” and should soon deplete stockpiles that rose in the first quarter.
Opinion: Redefining sanity for oil traders in today’s market
If insanity is doing the same thing over and over and expecting different results, then sanity must be the reasonable expectation that repeat actions have repeat effects. What happens then, when long observed causal relationships break down? When an impressively broad OPEC and non-OPEC production cut doesn’t send prices soaring?
Putin’s pursuit of Stalin’s Arctic dream loses global appeal
Vladimir Putin wanted to remake Josef Stalin’s quest for a greater foothold in the Arctic into a global shipping bonanza that could compete with the Suez.
Russian drillers can return to Arctic if oil hits $70
Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields.
Lukoil outdoes rivals with offer of rising dividends
Investing in Russian oil has become a choice between cash or glory, and Lukoil PSJC looks like the richer side of the bet.
Rosneft board rumours abound, sources claim Glencore’s Glasenberg in running
Glencore's chief Ivan Glasenberg and a top executive from Qatar's state wealth fund QIA will likely join the board of Russia's Rosneft this year, according to sources.
Hungary gets permission to build two nuclear reactors with Russian backing
The European Union has given Hungary the green light to build two nuclear reactors with Russian help after Budapest made commitments to safeguard competition in the energy sector.
Opinion: The secret wealth of the world’s richest oil billionaires
A policy of nationalizing chunks of an economy inevitably creates oligarchs who skim profits off the country's natural resources.
Russian oil cuts stall
Russian oil output remained unchanged last month despite agreeing to production cuts.
Russia’s Gazprom pursuing ‘major investment projects’, board told
Russia's second biggest oil and gas firm Gazprom is pursuing "major investment projects", its board of directors has been told.
Putin’s Russia seen dominating European energy for two decades
Europe has wanted to wean itself from Russian natural gas ever since supplies from its eastern neighbor dropped during freezing weather in 2009. Almost a decade later, the region has never been more dependent.
Russia’s Lukoil eyeing up Iran oil fields under rule change
Russia's second top oil producer Lukoil hopes to reach a deal to develop two oilfields in Iran in April, the firm's chief executive has claimed.
OPEC cuts well supported, teething troubles for non-OPEC members says cartel leader
OPEC-led production cuts have been well supported by participating countries despite some teething troubles for non-OPEC members, according to the cartel's secretary-general, Mohammed Barkindo.
Russia could accelerate production cuts, report says
Russian Energy Minister Alexander Novak said today that the country could reduce production quicker than originally expected, Reuters reported.
OPEC aiming for higher compliance, 2017 stock falls
The OPEC cartel is aiming to improve compliance with record oil output cuts seen in January.