Russia & FSU
News
January 11, 2021
“The market has now reached a price level that potentially doesn’t reflect current fundamentals,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Oil could be next in line” to suffer from a stronger dollar after other commodity prices came under pressure.
News
January 08, 2021
Government-owned Abu Dhabi National Oil Co. set Murban crude at a premium of 75 cents a barrel to the regional benchmark, according to a notice from the producer.
News
January 07, 2021
State producer Saudi Aramco on Wednesday raised its flagship Arab Light oil to Asia, its biggest market, to $1 above the benchmark used by the company.
News
January 06, 2021
OPEC+’s agreement, which will see most producers keep output steady while the Saudis cut, prompted a sharp rally in the structure of the oil futures curve as traders anticipated lower supply in the coming months.
News
January 06, 2021
“We are the guardian of this industry,” Saudi Energy Minister Prince Abdulaziz bin Salman said as he announced Saudi's production cut on Tuesday, preserving the OPEC+ deal and sending oil prices to 10-month highs. He emphasized that the decision was made unilaterally by Crown Prince Mohammad bin Salman himself.
News
January 05, 2021
The deal, which emerged after two days of talks, sent crude surging to a 10-month high in New York. It appeared to give most members of the group what they wanted -- the additional price support desired by Saudi Arabia and the production boost Russia had been pushing.
News
January 05, 2021
A Rosneft spokesman said that the deal was “a logical extension” of its cooperation with Trafigura and would give the trading house “long-term access to high quality hydrocarbons to be produced with a low-carbon footprint that can be shipped both to the west and east.”
News
January 05, 2021
Futures in New York gained toward $48 a barrel after dropping the most in 2 weeks on Monday. Discussions will restart on Tuesday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for another supply hike.
News
January 04, 2021
Talks between OPEC and its allies will continue for a second day after most members, including Saudi Arabia, opposed Russia’s proposal for another output increase in February, following the 500,000 barrels a day being added this month.
News
January 04, 2021
The difference of opinion between Saudi Arabia and Russia, the two de-facto leaders of OPEC+, could make for another tricky meeting. While Russia appeared to be outnumbered, the group typically requires a consensus among all members before concluding talks.
News
January 04, 2021
“At the risk of being seen as a killjoy in the proceedings, I want to urge caution,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the start of the group’s video conference on Monday. “The new variant of the virus is a worrying and unpredictable development.”
News
January 04, 2021
A decline in the dollar is boosting the appeal of commodities that are priced in the currency, while as investors return to their desks at the start of the year, crude has emerged as a favored trade to hedge against a rise in inflation.
News
January 01, 2021
The alliance of producers led by Saudi Arabia and Russia must decide whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve.
News
December 31, 2020
Gas pumped from the BP-led Shah Deniz deposit in the Caspian Sea began flowing into Italy, Greece and Bulgaria on Dec. 31, BP and Azerbaijan’s state energy company Socar said in a joint statement. The European Union has worked for years to ease its dependence on Russia, which accounts for about a third of the region’s gas supplies.
News
December 30, 2020
When complete, Nord Stream 2 will allow Russia to expand deliveries of gas to Europe and circumvent the traditional transport corridor through Ukraine. The U.S. and Eastern European nations say the pipeline will make Germany and the European Union too reliant on Russian gas.
News
December 25, 2020
“To restore our output, that we’ve reduced a lot, the price range of $45 to $55 a barrel is the most optimal,” Russia's Deputy Prime Minister Alexander Novak told reporters in Moscow. “Otherwise we’ll never restore production, others will restore it.”
News
December 25, 2020
World Oil editors discuss The North Face doubling down on its principled stand against well-paying American jobs, Russia wants to see OPEC+ production rise in February, and U.S. land regulators shrink Alaskan oil lease acreage.
News
December 25, 2020
The LNG vessel Tristar Ruby, which loaded at the Cove Point plant in Maryland, is headed for Croatia’s terminal on the Adriatic island of Krk, according to ship-tracking data on Bloomberg. The ship is scheduled to arrive on Jan. 1, the expected start date of the terminal.
News
December 21, 2020
The Organization of Petroleum Exporting Countries and its allies have shifted to a monthly schedule of meetings, so they can react more rapidly to changes in the market, and make more gradual production adjustments that are better suited to a volatile situation.
News
December 14, 2020
The deal unlocks plans to boost output from the Karachaganak field and funnels additional revenue to the Kazakh economy, which is heading for its first annual contraction in more than two decades amid oil’s slump.
News
December 11, 2020
From Azerbaijan to Syria to Libya, Erdogan’s drive to rebuild Turkey’s influence as a regional power has forced Russia to roll back its ambitions. Even as Erdogan increasingly positions himself as a check on the Kremlin’s geopolitical reach, Putin has nothing but warm words for his Black Sea neighbor in public.
