Igor Yushkov

WTI oil price drops to 18-year low

WTI oil price drops to 18-year low

West Texas Intermediate crude dropped at $19.87 per barrel on the New York Mercantile Exchange, the lowest level since Januaury 31, 2002.  Brent crude rose by 0.86% to $28.07 per barrel on the ICE Exchange in London. …

Brent oil slips below $50

Brent oil slips below $50

Oil slid nearly 1% today as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. …

Russia supplies record amount of oil to U.S.

Russia supplies record amount of oil to U.S.

According to the Energy Information Administration's January-November 2019 report, Russia increased its oil supplies to the United States to record levels last year, despite difficult political relations and economic sanctions. …

U.S. focuses its foreign policy on Ukraine's transit

U.S. focuses its foreign policy on Ukraine's transit

The United States supports maintaining Russian gas transit through Ukraine. Washington calls it "a strategic deterrent to further Russian aggression," the U.S. State Department said in a statement released on the eve of U.S. Secretary …

Russia to complete Nord Stream 2 on its own

Russia to complete Nord Stream 2 on its own

Russia will complete the Nord Stream-2 gas pipeline project, head of Gazprom Export Elena Burmistrova said speaking at the European Gas Conference. She stressed that the pipeline is currently 94% complete. …

Haftar slashes Libya's oil production to zero

Haftar slashes Libya's oil production to zero

Libya’s oil production will be limited to 72,000 barrels per day from over 1.2 million barrels per day after Libyan National Army (LNA) Commander Khalifa Haftar shut down oil production, Bloomberg reported citing the Libyan …

Russia and Ukraine drop reciprocal claims on gas

Russia and Ukraine drop reciprocal claims on gas

Starting from January 1, Russia and Ukraine will cancel mutual claims while asset seizures will be lifted, Russian Energy Minister Alexander Novak said. "We have agreed to start from scratch on January 1, …

Nord Stream 2 works 100% suspended

Nord Stream 2 works 100% suspended

Swiss-based Allseas Group S.A. suspended all works on the Nord Stream 2, after the U.S. Department of Treasury activated sanctions on the European gas pipeline. A company representative said yesterday that Allseas had withdrawn its …

Europe to treat itself to Turkish Stream on New Year's day

Europe to treat itself to Turkish Stream on New Year's day

Bulgaria is ready to ensure transit gas supplies to Greece and North Macedonia from the Turkish Stream pipeline starting January 1, 2020 chief executive of state gas network operator Bulgartransgaz Vladimir Malinov said. …

Germany boycotts benefits for Nord Stream 2?

Germany boycotts benefits for Nord Stream 2?

The Bundestag failed to adopt amendments to the EU gas directive, which would soften the law for Russia's Nord Stream-2 gas pipeline, according to the DPA agency. Before deciding on the directive, the right-wing party …

Gas packing of Turkish Stream's first line starts

Gas packing of Turkish Stream's first line starts

Gas packing of the first line of the Turkish Stream pipeline has started, the last testing stage before the launch, South Stream Transport, the operator of the project said in a statement. "Natural gas packing of the first out …

Turkey starts construction of 2nd Akkuyu block

Turkey starts construction of 2nd Akkuyu block

The construction of the Akkuyu nuclear power plant continues as planned, Turkish Energy Minister Fatih Donmez said. The project is being implemented as planned, he said in an interview with Bloomberg. …

Will Turkish Stream go to Moldova?

Will Turkish Stream go to Moldova?

Chisinau is in talks with Russian gas giant Gazprom to receive gas via the Turkish Stream pipeline, Moldova's Economic Minister Vadim Brynzan said. "We are holding negotiations with Gazprom to get gas …

U.S. and Saudi Arabia to level up world oil prices?

U.S. and Saudi Arabia to level up world oil prices?

U.S. Energy Secretary Rick Perry and Saudi Arabia Energy Minister Khalid Al-Falih agreed to counter Iran's attempts to "destabilize" the global oil market. Perhaps, it was caused by the …

Iran's oil output slumps to new low

Iran's oil output slumps to new low

Crude production in Iran declined to 2.28 million barrels per day (mbpd) in June, according to the Oil Market Report from the International Energy Agency (IEA). The production in Iran declined by 120 thousand b/d, "hovering at a …

Nine-month extension of oil output cut deal agreed

Nine-month extension of oil output cut deal agreed

OPEC + countries voted in favor of joining the OPEC decision to extend the oil output cut deal for nine months while maintaining the quota of the old agreement. "Thank you very much; I believe that we have now joined the decision …

Turkish Stream to Europe to be completed before next year

Turkish Stream to Europe to be completed before next year

Bulgaria plans to complete construction of the Balkan Stream - a branch of the TurkStream gas pipeline through Bulgaria to Serbia - before the end of 2020, President of the Bulgarian National Assembly Tsveta Karayancheva …

What to expect from OPEC+ meeting in July?

What to expect from OPEC+ meeting in July?

OPEC has agreed to move its next meeting to July 1, followed by a meeting with non-OPEC allies on July 2, according to new dates posted on the website of the Organization of the Petroleum Exporting Countries. OPEC and allies were …

Oil price drops back to $60

Oil price drops back to $60

Oil prices fell today amid a global economic slowdown that is starting to hit oil demand, triggering calls in producer club OPEC for supply cuts to be extended. Brent crude futures, the international benchmark for oil prices, were …