How Russia Outsmarted OPEC

Oil Well file photo

(Oilprice.com – Irina Slav – December 5, 2016) #OPEC’s historical deal to cut production has been sealed, and #oil prices have jumped as a result, comfortably above the $50 per barrel mark. According to #Lukoil’s vice president, Leonid Fedun, the average price of crude in 2017 could reach US$60 a barrel, thanks in no small part to that agreement. According […]

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NEWSWATCH: “Russia’s oil output in October hits new post-Soviet era high” – Reuters

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Russia’s oil output set a new post-Soviet era record high in October, rising 0.1 percent from September to 11.2 million barrels per day (bpd), energy ministry data showed …. underscor[ing] the difficulty the government could have in freezing output levels as part of a global pact with other top producers [to impact prices] …. Oil and gas sales account for […]

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Russia Seeks To Drive Wedge Into Central Asia

Map of CIS Central Asia and Environs

(RFE/RL – rferl.org – Bruce Pannier – January 5, 2016) Russia appears to be practicing a bit of “divide-and-conquer” politics in Central Asia, and state-owned Gazprom is spearheading the campaign. On January 4, Russia’s main news agencies quoted a “source” within Gazprom Export, the Gazprom wing charged with handling gas imports from other countries, saying Russia would not be importing any […]

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LUKoil Hit With ‘Biggest Oil Spill Fine in Russian History’

Oil Well file photo

MOSCOW, January 10 (RIA Novosti) ­ A subsidiary of the Russian oil giant LUKoil has been slapped with a fine of 614 million rubles ($18.5 million), which Greenpeace said appeared to be the biggest such fine in Russia’s history. LUKoil-Komi was fined for nine oil spills from 2011 in Russia’s northern republic of Komi, according to documents available on the […]

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Lukoil predicts drop in Russian oil production in 2016-2017 without major use of new technologies

Oil Well file photo

(Interfax -MOSCOW. June 24, 2013) Without the large-scale application of new technologies, oil production in Russia will begin to decline in 2016-2017, says a report by Lukoil (RTS: LKOH) on the main trends in the development of global markets for oil and gas in the period until 2025. A characteristic of a majority of Russian deposits is the natural drop […]

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Russia Adopts Texas Drilling to Revive Soviet Oil Fields

Oil Worker file photo

(Bloomberg – bloomberg.com – Stephen Bierman – March 18, 2013) Fracking isn’t just for shale. In Russia, producers are importing techniques from the U.S. to squeeze billions of dollars of extra oil from Soviet-era fields. TNK-BP, Russia’s third-largest producer, will use hydraulic fracturing combined with horizontal drilling in almost half the wells it sinks this year, a sixfold increase in […]

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