The head of Russian state-run oil company Rosneft on Wednesday floated the idea of a coordinated output cut by major oil-producing countries to prop up sagging prices but fell short of saying whether Moscow would contribute to such a plan.
Rosneft Chief Executive Igor Sechin, in a speech at the IP Week conference in London, attributed oversupply in the market to overproduction by members of the Organization of the Petroleum Exporting Countries.
Russia has begun its appeal in the Netherlands against an international arbitration order that Moscow pay $50billion in damages to shareholders from the oil company Yukos.
A decision on cutting oil production is possible only if all crude exporting nations are in consensus, and there is no timing for talks yet, Russia’s Energy Minister Alexander Novak said in an interview.
With oil trading near $30 a barrel, calls for orchestrated output cuts to quell global oversupply have intensified this week. Trouble is, none of the world’s largest producers, most notably Russia and Saudi Arabia, have shown they’re ready to make a move.
Russia’s economy shrank 3.7% in 2015, the worst drop since the depths of the global financial crisis, as the country struggled with a drop in the price of its oil exports and international sanctions, the state statistics service said.
JKX Oil & Gas has received backing from corporate governance specialist ISS in rejecting all resolutions proposed by Proxima Capital Group which is accused of trying to "seize control" of the company.
The Russian Energy Minister Alexander Novak has said coordinated oil production cuts with OPEC to help support falling oil prices would be unlikely.
The politician said he felt it was unlikely all countries within OPEC would be able to agree on how to prop up prices.
The energy sector has been served a wake up call on how vulnerable the industry is to cyber attack after hackers shut managed to cut off 80,000 Ukranian electricity customers.
Former Russian Finance Minister and investor favorite Alexei Kudrin is in talks with Vladimir Putin and other top officials about returning to a senior post to help deal with worsening economic troubles, according to three people familiar with the discussions.
Kudrin has met privately with the Russian president and Prime Minister Dmitry Medvedev as recently as last week to discuss the plans, though no formal offer has yet been made, the people said.
The talks are the most advanced since Kudrin, widely respected by investors for his fiscal discipline and commitment to market reforms, quit as finance minister in 2011, the people said. A decision could come early next year, they said.
Russia’s government plans to spend $275million as it looks to support its car industry in the first half of 2016.
Industry and Trade Minister Denis Manturov said the government was looking to extend measures in place since car sales were hit by a sharp drop in the rouble and an economic slowdown.
Trading house Gunvor has struck a deal to sell its last asset in Russia, according to reports.
The company plans to get rid of a 50% stake in the Novorossiisk fuel oil terminal to a subsidiary of Kremlin-controlled Transneft.
Russia has released dramatic images of ISIS targets being destroyed by its air force in Syria.
Footage and images were released by the Russian Ministry of Defence which showed positions, including tanker trucks, being targeted.
Russian oil companies have been refocusing their international positions through the acquisition of exploration and production assets away from the country.
Analysis from the research and consulting firm GlobalData has found countries in the Americas have been providing a number of potential partnerships in the long term.
