"Oil price to sink to $60"
S&P Global Ratings revised its oil prices forecast for the coming years, director of corporate ratings for S&P Global Ratings Alexander Gryaznov said. "We revised our short-term forecast, and …
Igor Yushkov
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Russia to set coal production record
Russia can top a soviet coal production record of 420 million tonnes in 2018, while investments may amount to 130 billion rubles a year, Russia's Energy Minister Alexander Novak said, speaking at a meeting with government officials and top managers of energy companies.
Russia to establish new OPEC
New OPEC-Russia organisation may start its work on 1 January 2019, Russian energy Minister Alexander Novak said today. The minister specified that it will retain the functions of regulating oil production and will …
Global debt hits record $247 trillion
The amount of debt held by both mature and emerging markets tracked by the Institute of International Finance (IIF) rose to a record $247 trillion in the first quarter of 2018, up 11.1% from the same period a year ago. The report …
Russia passes bill on excess profits tax in oil industry
Russia's State Duma passed the bill on introducing the excess profits tax in the country's oil industry in the final reading today. The new tax system will be tested from January 1, 2019 on a limited number of oil …
Will OPEC+ ease oil deal?
OPEC members are discussing a compromise agreement that would see an oil production increase of 300,000-600,000 barrels per day over the next few months, according to people briefed on the talks, Bloomberg reported. OPEC officials are …
Seul asks Gazprom to build gas pipeline
Russia's Gazprom has resumed talks with the South Korean authorities on the construction of a gas pipeline through the territory of North Korea, Deputy CEO Vitaly Markelov said. "To date, the political …
$100 a barrel oil not expected
There is no reason for oil to hit $100 a barrel, BP Chief Executive Bob Dudley said. "There are people who predict the oil price of $100 per barrel. I do not think it will reach $100 unless there are any …
First victim of new sanctions: Deripaska quits Rusal
Oleg Deripaska has stepped down from his role as Russia's aluminum producer Rusal, the company said in a statement released today via the Hong Kong stock exchange. …
"Oil prices under influence of geopolitics"
Russia's Energy Ministry is not able to predict oil prices, the country's acting Energy Minister Alexander Novak said. Novak said that global oil prices are currently under the influence of geopolitics but …
Russia freezes gas production
Russia does not plan to increase gas production in 2018, freezing it at the level of 2017, Russian Minister of Energy Alexander Novak said, adding that everything will depend on the weather conditions. "As for …
Will Russia join OPEC?
Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years, Reuters reported. Saudi Crown Prince Mohammed bin Salman said that …
Naftogaz wants $20 billion more from Gazprom
Ukrainian energy firm Naftogaz intends to prove in a new arbitration dispute that the company under-received funds due to the abnormally low cost of gas transit via the Ukrainian territory, Naftogaz Commercial Director Yuriy …
OPEC hikes 2018 forecast for oil supply growth
OPEC said it expects demand for oil to grow faster than it originally expected in 2018, but the organization also sees supplies from beyond the producer group surging this year, driven by rising US output. The cartel said it now sees …
Europe agrees to buy Russian gas bypassing Ukraine
European purchasers of Russian gas have expressed a desire to receive it through new corridors and not through Ukraine after the expiry of the long-term transit contract signed between Gazprom and Ukraine's Naftogaz in 2019, …
Does OPEC+ deal have a future?
Saudi Arabia proposed to make the deal between OPEC and their non-OPEC allies permanent after the completion of a deal to reduce oil production, Saudi Energy Minister Khalid al-Falih said. "At the end of the year, …
Ukraine agrees on Russian gas
Naftogaz Ukraine will return to buying gas from Russia this year, ending a more than two-year hiatus, as a result of a ruling by a Swedish arbitration court on its gas dispute with Moscow, the head of Ukrainian firm Naftogaz Andriy …
Oil prices approaching $70 per barrel
Oil prices hit their highest since 2014 today due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating. WTI crude futures were at $63.44 a barrel, 0.8% above their …
What does 2017 bring for oil market?
2017 was hard, but productive year for the world oil market, energy experts said in an interview with Vestnik Kavkaza, summing up the oil results of this year. The executive vice-president of NewTech Services, professor of the Gubkin …
OPEC+ saves oil for another year
The decision of OPEC and non-OPEC producers to extend oil output cuts until the end of 2018 had a positive effect on the oil marketsю Brent crude oil for February delivery are at $63.13 a barrel, and U.S. West Texas …
