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Tag Archive for Oil

RIA Novosti: Who and What Is Causing the Decline in Oil Prices, and Where Will It Lead?

Oil Well file photo

MOSCOW, October 28 (RIA Novosti) – With oil hovering around the $80-85 per barrel mark, down nearly 30 percent from a high of over $115 in mid-June, media and expert analysis about the causes and consequences of the price decline has been extensive. We present another, Russia-informed perspective. Saudi Machinations Against US Shale and the

How Slumping Oil Prices Hit Russia’s Sanctions-Struck Oil Industry

Oil Well file photo

(Moscow Times – themoscowtimes.com – Alexander Panin – October 29, 2014) Three screws are tightening on Russia’s oil industry. International banks are calling in multibillion-dollar loans and refusing new ones due to sanctions on Moscow over Ukraine. Western oil companies are barred from handing over advanced drilling technology, also due to sanctions. And, unexpectedly, the

Oil drops below $80, implications for Russian budget

Oil Well file photo

(Business New Europe – bne.eu – October 28, 2014) The price of a barrel of Texan light dropped lower than $80 for the first time in two years, but Russia’s economy minister has retained its forecast for the next three years of the oil price remaining within the corridor of $90-$110, according to Interfax. “It is not

Interfax: Ulyukayev: GDP likely to decline in 2015 if low oil prices persist

Alexei Ulyukayev file photo

MOSCOW. Oct 24 (Interfax) – If current prices for oil persist in 2015, Russian GDP, retail trade, real incomes and investment will all decline, Ulyukayev said at a business breakfast hosted by Rossiiskaya Gazeta.” “If the current price of oil persists, then as soon as this year there will be practically no growth in real

Life in Russia with $80 oil

Oil Well file photo

(Business New Europe – bne.eu – Chris Weafer – October 17, 2014) Chris Weafer is Senior Partner at Macro-Advisory, which offers bespoke Russia-CIS consulting. From late 2010 until the middle of August this year, the price of Brent crude has traded within a relatively narrow range and averaged close to $110 per barrel. Over the

Interfax: “Novak: oil price drop no ‘tragedy'”

Oil Well file photo

(Interfax – October 17, 2014) The current decline in oil prices is no tragedy, Russian Energy Minister Alexander Novak said, adding that the average annual price of oil needs to be considered. “The price reached $120 per barrel at the beginning of the year, and averaged $100 per barrel in the three preceding years. If

Russia Beyond the Headlines: Ruble devaluation compensates for loss of oil revenue

File Photo of Cash, Coins, Line Graph

(Russia Beyond the Headlines – rbth.ru – Maria Karnaukh, special to RBTH – October 17, 2014) Falling oil prices – and the falling ruble – have different consequences for the budget and consumers Oil prices – and the Russian ruble – continue to sink. As of Oct. 16, the price of a barrel of Brent

Interfax: Chief of staff says businessman’s arrest damaging Russia’s investment climate

File Photo of Sergei Ivanov, adapted from defense.gov image

(Interfax – October 15, 2014) Kremlin chief of staff Sergey Ivanov has said that the house arrest of billionaire businessman Vladimir Yevtushenkov is damaging Russia’s investment climate. In an interview with popular pro-Kremlin tabloid Komsomolskaya Pravda, which was quoted by Interfax news agency, Ivanov said that “I agree, this [the arrest of Yevtushenkov] is having

Russia Plans Giant State Oil Services Company to Replace Western Firms

Oil Worker file photo

(Moscow Times – themoscowtimes.com – Alexander Panin- October 14, 2014) President Vladimir Putin has approved the creation of a state-owned oil exploration drilling corporation that will replace Western oil service companies forced to reduce operations in Russia by sanctions on Moscow over Ukraine, a news report said Monday. In a time of “sharply escalating international

Russia Spending $6 Billion Not Enough to Stop Ruble Rout on Oil

File Photo of Cash, Coins, Line Graph

(Bloomberg – bloomberg.com – Vladimir Kuznetsov – October 13, 2014) The ruble extended its longest losing streak in more than a year as $6 billion of Russian currency interventions failed to stem the depreciation amid tumbling oil prices. The ruble weakened 0.6 percent versus the dollar-euro basket to 45.3423 by 5:15 p.m. in Moscow, taking

Russia’s Oil Field Actions to Take Edge Off U.S. Sanctions

Oil Well file photo

(Bloomberg – bloomberg.com – Stephen Bierman, Elena Mazneva – October 10, 2014) U.S. and European Union moves to pressure Russia by threatening its oil output overlook one detail: a mass of conventional resources across Siberia, according to Natural Resources Minister Sergei Donskoi. Russia will distribute more oil and gas deposits found in traditional areas during

Will Western Sanctions Stop Russia’s Arctic Oil Expansion?

arctic-energy

(Moscow Times – themoscowtimes.com – Howard Amos – October 9, 2014) Igor Sechin, the most influential figure in Russia’s energy industry, announced last week that a new oil field discovered in the Arctic was to be christened “Pobeda” – the Russian word for victory. Speaking to reporters from a blustery drilling platform, the Kremlin heavyweight,

Record fall in oil prices threatens Russian budget

Oil Well file photo

(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH – October 7, 2014) The price of Brent oil has tumbled to $92.2 a barrel, placing the Russian federal budget in jeopardy. Russian analysts believe that the decrease in oil prices is related to demonstrations in Hong Kong, the strengthening of the dollar, as well

Putin Clans Gridlocked Over Arrest as Sanctions Bite

Aerial View of Kremlin and Environs

(Bloomberg – bloomberg.com – Irina Reznik, Evgenia Pismennaya and Ilya Arkhipov – October 5, 2014) Russia’s wheels of power are grinding to a halt. That’s the assessment of five officials close to President Vladimir Putin, who say that a struggle at the heart of his inner circle is slowing decision making as sanctions squeeze the

Russia Oil Production Near Record With Sanctions Yet to Bite

Oil Well file photo

(Bloomberg – bloomberg.com – Jake Rudnitsky – October 2, 2014) Russian oil output rose to near a post-Soviet record last month, a sign the biggest source of revenue for President Vladimir Putin’s government has yet to be eroded by U.S. and European sanctions. The nation increased output 0.7 percent to 10.61 million barrels a day,

Putin Doesn’t Make Decisions Under Pressure, Sechin Says

Igor Sechin file photo

(Bloomberg – bloomberg.com – Ilya Arkhipov, Ryan Chilcote – September 30, 2014) President Vladimir Putin won’t be swayed by sanctions over Ukraine because he doesn’t allow such pressures to affect his decisions, said Igor Sechin, head of OAO Rosneft (ROSN), Russia’s biggest oil company. “He will never let himself be pressured into making a decision,”

Business New Europe: Russia has eager new oil and gas customers in Asia

Gas Facility file photo

(Business New Europe – bne.eu – Chris Weafer of Macro-Advisory – September 25, 2014) Chris Weafer is Senior Partner at Macro-Advisory, which offers bespoke Russia-CIS consulting. The main focus of Western sanctions against Russia has been to cause disruption to the banking and oil sectors. The former has directly squeezed the availability of liquidity on

Stagnation looms for Russia as consumption and oil revenues fall

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(Business New Europe – bne.eu – September 25, 2014) Consumer demand in Russia, around half of its $2 trillion economy, and the key growth driver over recent years, is stalling over the crisis in Ukraine, according to a World Bank analysis of the economy. Consumption growth will slow to 0.5% in 2015 and 0.6% in

Interfax: Sanctions against Russia already affecting production of tight reserves, could impact shelf

Oil Worker file photo

KHANTY-MANSIISK. Sept 10 (Interfax) – The sanctions imposed by the EU and U.S. against Russia are already affecting the production of tight reserves, Russian Natural Resources Minister Sergei Donskoi said at a briefing in Khanty-Mansiisk. “The sanctions, first due to technology, have not yet impacted [the country's economy], but are already affecting the production of

RIA Novosti: Economy Minister Confirms Russian Plans to Privatize 19.5% in Rosneft Oil Company in 2015

File Photo Rosneft and Russian Flags Next to Rosneft Banner

MOSCOW, August 28 (RIA Novosti) – The Russian government is to go ahead with plans to privatize a 19.5 percent stake in oil major Rosneft in 2015, likely in two stages, Russian Economic Development Minister Alexei Ulyukayev said Thursday. “The [government] plan is being upheld and preliminary operations have already begun. We are talking about

Economy faces challenge from fall in oil price and ruble value

Oil Well file photo

(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH – August 25, 2014) Low price-per-barrel for Urals crude oil is putting pressure on the Russian budget On Aug. 18, Reuters reported that the price for Russia’s benchmark Urals oil fell to $98 a barrel – its lowest level since May 2013. Even as recently

RIA Novosti: Russian Finance Ministry Expects Oil Prices of $90-95 per Barrel in 2015

Oil Well file photo

MOSCOW, August 26 (RIA Novosti) – Russia’s Ministry of Finance expects an average oil price of $90-95 per barrel in 2015, Deputy Finance Minister Alexei Moiseyev told RIA Novosti on Tuesday. “The price for oil in 2015 will be $90-95 per barrel,” Moiseyev said. The Ministry of Economic Development earlier predicted an average oil price

Business New Europe: Sanctions aim at Russia’s Arctic push

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

(Business New Europe – bne.eu – Joe Parson in Moscow – August 21, 2014) US and EU sanctions are threatening to derail a monster exploration and production project in the Russian Arctic between state-owned Rosneft and US oil major ExxonMobil. The threat is not that Washington will pressure US companies to pull out of Russian

Struggling With Sanctions, Russia Faces Oil Price Crash

Oil Well file photo

(Moscow Times – themoscowtimes.com – Alexander Panin – August 20, 2014) The price of Urals crude oil, Russia’s key export and the lynchpin of its government finances, fell below $100 this week for the first time in more than a year, after plummeting $15 in under a month. Russia relies on hydrocarbon exports for 50

RIA Novosti: Ukrainian Transit Not Crucial For Russian Oil Deliveries to Europe – Transneft

Map of Western CIS/FSU and European Environs

MOSCOW, August 8 (RIA Novosti) – Russia has alternative routes to deliver oil to Europe if Ukraine decides to stop transit via its territory, but Hungary, Slovakia and Czech Republic will sustain losses, a spokesman for Russia’s oil transit monopoly Transneft said Friday. Russia delivers about 14 million tons of oil to European consumers via

EU opposes Russian oil and gas sanctions, considers targeting other sectors

EU Map

(Business New Europe – bne.eu – Concorde Capital – July 24, 2014) EU Energy Commissioner GYnther Oettinger opposes sanctions on Russian natural gas and oil but doesn’t rule out sanctions on energy technology and equipment, he told a July 23 press conference in Brussels, as reported by the UNIAN news agency. “I always spoke against

Russia’s gamekeeper has turned poacher

Kremlin and Saint Basil's File Photo

(opendemocracy.net – Mikhail Kreindlin – June 20, 2014) Mikhail Kreindlin is an expert at Greenpeace Russia on specially protected areas. Russia has a vast number of nature reserves and national parks. But the government body supposed to be protecting them is in fact destroying many of them by allowing development and mining. In Russia, as

Nobody wants to give up energy cooperation with Russia – Putin

Oil Well file photo

(Interfax – Archangelsk, June 9, 2014) Other countries benefit from cooperation with the Russian Federation in the energy sector, Russian President Vladimir Putin believes. “Nobody is going to give up energy cooperation (with Russia – Interfax) voluntarily,” Putin said at a meeting with students in Arkhangelsk. Speaking about this, the head of state pointed out

Sechin Sues Forbes for ‘Highest-Paid Executive’ Rating

Igor Sechin file photo

(Moscow Times – themoscowtimes.com – May 28, 2014) Rosneft head Igor Sechin has filed a lawsuit against journalists and publishers of the Russian edition of Forbes and Komsomolskaya Pravda for an article he says threatens to damage his business reputation. The lawsuit, filed on May 15, demands that the journalists and publishers behind a November

RIA Novosti: Russia’s Oil Reserves to Produce 600 Million Tons Annually for 30 Years – Minister

Oil Well file photo

MOSCOW, May 28 (RIA Novosti) – Russia’s known oil reserves are enough to provide a yearly extraction of 600 million tons of oil for the next 30 years, Natural Resources Minister Sergei Donskoi told lawmakers on Wednesday, reaffirming the country may continue to heavily rely on natural resources to sustain its economy. “The Russian Federation

Exxon’s $900 Billion Arctic Prize at Risk After Ukraine

Arctic Satellite Image and Map

(Bloomberg – bloomberg.com – Stephen Bierman – April 29, 2014) Exxon Mobil (XOM) Corp.’s dream of drilling in the Russian Arctic may risk running aground on the politics of Ukraine. The company plans to start drilling in August in the Arctic’s remote Kara Sea — the centerpiece of Exxon’s global alliance with Russian state-controlled OAO

Russia Beyond the Headlines: Who controls the Arctic?

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

(Russia Beyond the Headlines – rbth.ru – Andrey Gubin, special to RBTH – April 23, 2014) Andrey Gubin is the head of research programs at the Asia-Pacific Center of the Russian Institute for Strategic Studies. International competition for control over Arctic resources is only a matter of time, says researcher Andrey Gubin. The Arctic has

Interfax: Europe can’t easily turn back on Russian energy resources – minister

Russian Gas Facility file photo

MOSCOW. April 4 (Interfax) – It would be difficult for Europe to give up Russian energy resources, Energy Minister Alexander Novak said in an interview with TV channel Rossiya 24. He recalled that statements have been made about reducing the dependence on Russia in future. “And such work is being done in the European Union,

Gazprom’s $910 Billion Gaffe Shows Putin Economy Waning

Gas Flame file photo

(Bloomberg – bloomberg.com – Halia Pavliva and Ksenia Galouchko – April 3, 2014) Back in April 2007, in the midst of the greatest commodities rally on record, OAO Gazprom’s (OGZD) deputy chief executive officer, Alexander Medvedev, was talking big. Russia’s natural-gas export monopoly aspired to be the world’s largest company, he said while offering up

Ukraine Crisis Nets Billions of Dollars for Kremlin

Kremlin and Saint Basil's

(Moscow Times – themoscowtimes.com – Anatoly Medetsky – March 5, 2014) A cheaper ruble and more expensive oil could actually go a long way in improving Russia’s economy, possibly offsetting other potential aftershocks of the Ukraine crisis. U.S. Secretary of State John Kerry in interviews on Sunday identified the ruble’s slide as among Russia’s economic

NEWSLINK: Don’t Worry About U.S. Fracturing

File Photo of Blue Flame from Natural Gas

[Moscow Times - Todd Wood - February 13, 2014 - themoscowtimes.com/opinion/article/dont-worry-about-us-fracturing/494439.html] Todd Wood, in a Moscow Times op-ed, writes that while the United States has used fracking to seize the lead in global petroleum exports, Russia has more reserves, and could expand oil field services. Unfortunately for Russia, the U.S. has taken the lead in

RIA Novosti: Russia Forecasts Increase in Oil, Gas Output in 2014

Oil Well file photo

MOSCOW, February 12 (RIA Novosti) – Russia will increase oil production this year by 0.3 percent to 525 million tons and boost its natural gas output by 4.8 percent to 700 billion cubic meters, the country’s deputy energy minister said Wednesday. “We could increase gas production even more, but there are issues with storage, transportation

Russian oil major Rosneft extends U.S. embrace

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Russia Beyond the Headlines – rbth.ru – David Miller, special to RBTH – February 7, 2014) Russia’s biggest crude producer agrees to buy Morgan Stanley’s oil merchanting assets as it ramps up cooperation on new fields with U.S. major ExxonMobil. Russia’s largest oil firm, Rosneft, purchased Morgan Stanley’s oil trading and transportation business in a

Gazprom Overspending Dwarfs Sochi Costs, Expose Says

File Photo of Blue Flame from Natural Gas

(Moscow Times – themoscowtimes.com – Alexander Panin – February 5, 2014) Gazprom is spending money on useless pipelines that makes the $51 billion spent on the Sochi Olympics look modest, an opposition party investigation said. The state-owned gas giant is lavishing billions of dollars on transportation infrastructure, including the South Stream pipeline to Europe, that

Changes in Regulations Could Help Break the Offshore Ice

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

(Moscow Times – themoscowtimes.com – Alexander Panin – February 3, 2014) State-controlled oil giant Rosneft had a very good year. That is what company chief executive Igor Sechin told Prime Minister Dmitry Medvedev on Friday at a meeting to review Russia’s largest oil producer, whose capitalization grew by 18 percent to $73 billion at the

Echoing Soviet Era, Putin Uses Oil Giant Rosneft to Tighten Economic Grip

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Bloomberg – bloomberg.com – Irina Reznik, Stephen Bierman and Henry Meyer – January 30, 2014) The record stretched across the history of the party and its socialist predecessor — from the first meeting in March 1898 to the last one in July 1990, a year and a half before the Soviet Union collapsed, Bloomberg Markets

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

Decision Looms in $100 Billion Yukos Lawsuit

Kremlin and St. Basil's

(Moscow Times – themoscowtimes.com – January 13, 2014) Businessman Leonid Nevzlin said that he would continue a $100 billion legal battle with the Russian government over the assets of defunct oil firm Yukos, in contrast to his former business partner Mikhail Khodorkovsky’s recent promise not to participate in the litigation. Nevzlin, who emigrated to Israel

Russia boosts oil output 1% in 2013

Oil Well file photo

MOSCOW. Jan 9 (Interfax) – Russia’s oil and gas condensate output grew 1.0% year-on-year to 523.276 million tonnes (10.508 million barrels a day) in 2013, the Central Dispatching Department of the Fuel and Energy Complex (CDU TEK) said. Russia produced 44.964 million tonnes of oil in December, with the average daily produce of 10.632 million

Ruble Strengthens as Russia Readies for Olympics Amid Oil Gain

Cash, Calculator, Pen

(Bloomberg – bloomberg.com – Vladimir Kuznetsov – January 8, 2014) The ruble strengthened after the resumption of trading in Moscow as oil gained and investors bet next month’s Winter Olympics will support Russia’s currency. The ruble appreciated 0.4 percent to 38.4873 against Bank Rossii’s target basket of dollars and euros by 2:03 p.m. in Moscow.

Exxon Russia Ambitions Show Oil Trumps Obama-Putin Spats: Energy

Polar Bear on Ice, Looking Back at Camera

(Bloomberg – bloomberg.com – Stephen Bierman – January 2, 2014) As Barack Obama and Vladimir Putin argue over human rights in Russia and the fate of fugitive U.S. intelligence analyst Edward Snowden, the countries’ biggest oil companies are preparing to drill for giant discoveries together in the Arctic Ocean. Exxon Mobil Corp. (XOM:US) and OAO

Russia to study Arctic oil, gas prospects in shelf border extension

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

MOSCOW. Dec 31 (Interfax) – Russia is looking to study oil and gas prospects as it prepares to extend its Arctic shelf borders. Subsurface resources agency Rosnedra has already announced – on the state procurement portal – a tender for the selection of an outfit to evaluate the prospects of oil and gas fields on

Senior security official: rising shale oil, gas production a threat to Russia

File Photo of Blue Flame from Natural Gas

MOSCOW. Dec 26 (Interfax) – Growing production of shale oil and gas poses a significant risk to Russia’s economic security, the secretary of Russia’s Security Council has claimed. “Having increased its production of shale gas, the United States has reduced its imports of liquefied natural gas. So its exporters have switched over to Europe. In

Interfax: Russia can keep oil output at 500 million tons for 10 yrs – Donskoi

Oil Well file photo

MOSCOW. Dec 25 (Interfax) – Russia’s subsurface resource base allows the country to maintain oil production of 500 million tonnes a year for the next ten, given the current conditions, Natural Resources Minister Sergei Donskoi said during a meeting devoted to the ‘effectiveness of studying and developing raw hydrocarbons on Russia’s continental shelf.’ However, the

Seven Greenpeace Activists Allowed to Leave Russia

File Photo of Polar Bear on Ice and Snow with Water Nearby

(Moscow Times – themoscowtimes.com – Yekaterina Kravtsova – December 26, 2013) As the last Greenpeace activist detained in the Arctic 30 protest   received notification Thursday that he was cleared of all charges under a recently passed amnesty, several other international activists who’d already been granted amnesty received permission to leave Russia. The news marks the

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