BAKU Oil producer group OPEC on Monday scrapped its planned meeting in April and will decide instead whether to extend output cuts in June, once the market has assessed the impact of U.S. sanctions on Iran and the crisis in Venezuela. | Video
BAKU Saudi Arabia said on Sunday OPEC's job in rebalancing the oil market was far from done as global inventories were still rising despite harsh U.S. sanctions on Iran and Venezuela, signalling it may need to expand output cuts into the second half of 2019.
BAKU The investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General Mohammed Barkindo said.
MOSCOW Several prominent Russian businessmen on Thursday called for detained U.S. investor Michael Calvey to be released from a pre-trial detention facility on bail, saying his treatment at the hands of the authorities over fraud charges looked too harsh.
LUXEMBOURG Russia, a leading producer of natural resources, plans to join Luxembourg in mining for minerals in outer space, Russian Deputy Prime Minister Tatyana Golikova said on Wednesday.
LUXEMBOURG, March 6 Russia, a leading producer
of natural resources, plans to join Luxembourg in mining for
minerals in outer space, Russian Deputy Prime Minister Tatyana
Golikova said on Wednesday.
SOFIA , March 4 Russian Prime Minister Dmitry
Medvedev told his Bulgarian counterpart Boyko Borissov on Monday
that Russia needs guarantees from the European Commission prior
to choosing Bulgaria as a route for its TurkStream gas pipeline
MOSCOW Russian oil output stood at 11.34 million barrels per day (bpd) in February, down some 75,000 barrels per day from the October level, the baseline for a global deal, but still missing the accord target, Energy Ministry data showed on Saturday.
* Russian oil production down 75,000 bpd from October
* Russia promised to cut 228,000 bpd as part of a global
(Changes slug, adds details on output)
By Vladimir Soldatkin
MOSCOW, March 2 Russian oil output stood at
11.34 million barrels per day (bpd) in February, down some
75,000 barrels per day from the October level, the baseline for
a global deal, but still missing the accord target, Energy
Ministry data showed on Saturday.
This was also down from 11.38 million bpd in January. In
tonnes, oil output reached 43.303 million versus 48.113 million
in January. The production data was in line with what a source
told Reuters on Friday.
All the Russian majors reduced their output. Russia's
largest oil producer Rosneft and No.2 Russian oil
company by output, Lukoil , cut their output by 0.6
percent and 0.5 percent month-on-month, respectively.
Production at Gazprom Neft , the oil arm of gas
giant Gazprom , slipped by 1.9 percent last month.
Russian oil pipeline exports in February stood at 4.480
million barrels per day, up from 4.313 million bpd in January.
The Organization of the Petroleum Exporting Countries and
other large oil producers led by Russia agreed to cut their
combined oil output by 1.2 million bpd starting from Jan. 1 to
evenly balance the market and prop up weak oil prices.
Of that, Russia undertook to cut 228,000 bpd from October
2018, the baseline for the agreement.
Russian Energy Minister Alexander Novak said on Friday that
Russia cut its oil output by 97,000 bpd in February from
October. He has said Russia would reach its reduction target
during the first quarter.
Reuters uses tonnes/barrels ratio of 7.33.
OPEC and non-OPEC producers will review the agreement in
mid-April in Vienna and Novak told reporters that it was too
early to say if the deal would be expanded beyond its initial
span of the first six months of the year.
So far, OPEC's cuts have been more robust in comparison to
OPEC oil supply fell to a four-year low in February, a
Reuters survey found, as top exporter Saudi Arabia and its Gulf
allies over-delivered on the group's supply pact while
Venezuelan output registered a further involuntary drop.
Crude oil has risen to $66 a barrel after a dip
below $50 in December, boosted by the output curbs in the OPEC
countries and the prospect of lower supply from Venezuela after
U.S. President Donald Trump imposed sanctions on its oil
Russian natural gas production was at 61.8 billion cubic
metres (bcm) last month, or 2.21 bcm a day, versus 67.43 bcm in
(Reporting by Vladimir Soldatkin; Editing by Muralikumar
MOSCOW Russia's Gazprom increased its share of the European gas market last year despite a rising challenge from imports of U.S. liquefied natural gas (LNG), company officials told investors in Hong Kong on Tuesday.