JRL NEWSWATCH: “Russia should rethink its role in new energy economy” – The National (UAE)/ Robin Mills

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“Global gas market remains oversupplied and renewables only makes up a small part of the country’s energy mix.” “Russia’s energy sector has so far come through the pandemic better than some might have expected. … Opec+ … has shored up oil revenue and the rouble. But [Russia’s] longer-term outlook is cloudy, both in petroleum and its unstrategic approach to new […]

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Putin To Bail Out Russian Oil Industry

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(Oilprice.com – Irina Slav – May 25, 2020) Russia’s President Vladimir Putin has tasked the government with implementing a set of measures aimed at supporting the oil industry for the duration of the OPEC+ production cut agreement. According to a document published on the website of the Russian presidency, the measures include a prescription not to sanction companies that stray […]

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Why Russia Finally Accepted Deeper Oil Output Cuts

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(Oilprice.com – Irina Slav – May 5, 2020) When Russia refused two months ago to join the deeper OPEC oil cuts, it was because Moscow found them unnecessary. Two months later, Russia agreed to cut quite a bit more than it was asked to at the ill-fated March meeting. It is now doing its best to achieve its promised cuts. […]

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Russia Expects A Protracted Oil Price Plunge

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(Oilprice.com – Tsvetana Paraskova – April 29, 2020) Even though the new OPEC+ deal is set to come into force this week, oil prices will not rise much in the near future because of very high global inventories, Russian Energy Minister Alexander Novak said in an article published in the ministry’s publication Energy Policy on Tuesday. The oil market could […]

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JRL NEWSWATCH: “Repair, abandon, burn: Russia explores options for historic oil cut” – Reuters/ Olesya Astakhova, Katya Golubkova

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“In just a week, Russia has to find ways to cut a fifth of its oil output … and is looking at all options, including putting wells on repair and maintenance to abandoning them entirely and even burning oil, four oil industry sources said. Russia, along with other members of the global oil alliance between the [OPEC] and non-OPEC members, […]

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Oil War And Peace: A Russian-Saudi Standoff Is Over — At What Cost To The Kremlin?

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(Article text ©2020 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – Todd Prince – April 15, 2020 – article text also appeared at rferl.org/a/russia-saudi-standoff-oil-war-peace-kremlin-cost/30557642.html) When the alliance of oil-producing countries known as OPEC+ reached a deal to slash crude-oil output by a historic amount, it staved off a further collapse in the price of Russia’s main export commodity. The […]

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RUSSIALINK: “OPEC+ Deal Will Help Russia Avoid ‘Market Chaos,’ But Provides Little Support to Embattled Economy” – Moscow Times

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The production cut will support oil prices and avoid a further ruble crash while the wider economic damage from coronavirus continues to build. (Moscow Times – themoscowtimes.com – Jake Cordell – April 13, 2020) The fresh OPEC+ deal struck between Russia and Saudi Arabia over the weekend will provide little support to the Russian economy, analysts believe. Instead, the deal […]

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JRL NEWSWATCH: “Russia Hails Oil Deal It Says Will Save Millions of U.S. Jobs” – Reuters

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“… .planned supply cuts represent a complete reversal by Russia and Saudi Arabia, which had both threatened to ramp up output in a battle for market share after the previous deal between … OPEC[] and other producers fell apart …. Combined with G20 input, the leaders of Russia, the United States and Saudi Arabia engaged in a series of phone […]

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JRL NEWSWATCH: “Putin Makes Painful Climbdown as He Sues for Peace in Oil War” – Bloomberg/ Evgenia Pismennaya, Ilya Arkhipov, Henry Meyer

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“… Putin’s deal with OPEC … three years ago was a triumph … bolstering his clout on the global stage. But now he’s had to to make stinging concessions after … Trump stepped in to end a price war. Amid relief in Moscow at the unprecedented deal with Saudi Arabia and other major producers to slash oil output, the accord […]

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JRL NEWSWATCH: “Trump, Putin, Saudi Crown Prince Scramble to Fix Oil Markets” – Wall Street Journal/ Georgi Kantchev, Summer Said, Andrew Restuccia, Justin Scheck

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All three leaders face economic threat from low prices. Moscow and Riyadh bury the hatchet. “… On Thursday, Saudi Arabia and Russia ended their stalemate and convinced a handful of other major oil producers to join them in the biggest monthly oil-production cut ever. … Mexico … [also] said it would reduce … production by 100,000 barrels a day …. […]

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RUSSIALINK: “Russia will have to cut oil output by 1.8 mln bpd under OPEC+ deal” – Interfax

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MOSCOW. April 10 (Interfax) – OPEC+ countries agreed on Thursday to cut oil production by 10 million barrels per day from the October 2018 level, although for Russia and Saudi Arabia the baseline for the cut will be 11 million bpd, a communique from the meeting seen by Interfax shows. OPEC+ countries, the communique said, produced 43.85 million bpd in […]

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The Inevitable Outcome Of The Oil Price War

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(Oilprice.com – Simon Watkins – March 19, 2020) One might reasonably posit that when Crown Prince Mohammed bin Salman (MbS) signalled that Saudi Arabia was once again going to produce oil to the maximum to crash oil prices in a full-scale oil price war, Russian President Vladimir Putin probably fell off the horse he was riding bare-chested somewhere in Siberia […]

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Why Didn’t Russia Just Cut Oil Production?

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(Oilprice.com – Robert Rapier – March 15, 2020) Last week OPEC conducted meetings with a coalition of partners that have worked together to limit oil production since 2016. It was widely reported that the group hoped to come to an agreement to reduce oil production by an additional 1.5 million barrels per day (BPD). The meetings came in the wake […]

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The Reasons And Risks Behind Russia’s Big Oil Bet

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(Article text ©2020 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – Todd Prince – March 10, 2020 – article text also appeared at rferl.org/a/failed-talks-a-fit-of-anger-a-plot-to-sink-u-s-shale-the-reasons-and-risks-behind-russia-s-big-oil-bet/30480151.html) For years now, Russia has been laser-focused on insulating itself from an external economic shock. It may have just sparked one. In an unexpected move on March 6, Russia rejected a call by OPEC countries […]

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Russia Can Live With $25 Oil For Years

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(Oilprice.com – Tsvetana Paraskova – March 9, 2020) After oil prices collapsed in the worst drop in nearly three decades-courtesy of the renewed Saudi-Russia rivalry on the oil market – Russia’s Finance Ministry said on Monday that Moscow had enough resources to cover budget shortfalls amid oil prices at $25-30 a barrel for six to ten years. The price of […]

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Putin: Oil Price Volatility Is Hurting Russia’s Economy

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(Oilprice.com – Irina Slav – July 4, 2019) Economic realities including the fluctuating international oil prices are among factors interfering with the Russian government’s economic program, President Vladimir Putin said in an interview with Italian Corriere della Serra ahead of a state visit to Rome. Asked about why, despite his overwhelming victory in the latest elections and the virtual non-existence […]

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Putin Undermines OPEC’s Power

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(Oilprice.com – Nick Cunningham – July 1, 2019) After so much hype and anticipation, it seems that the OPEC meeting in Vienna was all but over before it had even begun. Russia and Saudi Arabia have agreed to extend the OPEC+ production cuts by six to nine months. The production levels remains unchanged, but the timing could be extended through […]

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JRL NEWSWATCH: “Russian Economy Gives Putin Reasons Not to Extend OPEC+ Deal” – Bloomberg/ Olga Tanas

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“The OPEC+ pact is hurting the Russian economy, potentially giving … Putin a reason not to agree on an extension …. While higher crude prices can bring … additional revenue, production cuts are weighing on one of the country’s biggest industries. … [Putin] may have to weigh his desire for faster economic growth against the benefits of his alliance with […]

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JRL NEWSWATCH: “Russia says oil price war with U.S. would be too costly” – Reuters

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“Russia should not unleash an oil price war against the United States but … stick with output cuts even … losing market share in the medium term, one of the main Russian architects of a production pact with OPEC said. Since 2017, Russia and OPEC have cut oil production jointly … to boost the price of crude. … oil has […]

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JRL NEWSWATCH: “U.S. overtakes Russia to become the world’s biggest oil producer” – bne Intellinews

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“The U.S. overtook Russia to become the world’s biggest producer of oil in August …. Russia has been the biggest single producer of oil in terms of barrels produced a day for several years, but the shale oil revolution in the U.S. has seen production there skyrocket …. As average oil prices rose to over $65 in the first quarter […]

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JRL NEWSWATCH: “Russia Oil Production Jumps to a New Post-Soviet Record” – Bloomberg/Elena Mazneva

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“Russia’s crude production has jumped to a new post-Soviet record, boosting … budget revenue as it prepares for talks with OPEC+ on further cooperation, according to a [Russian] government official. … currently fluctuating between 1.54 million and 1.55 million tons a day — driven mainly … Rosneft … 11.29 million to 11.36 million barrels a day, beating the previous record […]

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The U.S. Calls On Russia To Cap Soaring Oil Prices

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(Oilprice.com – Tim Daiss – September 15, 2018 – oilprice.com/Geopolitics/International/The-US-Calls-On-Russia-To-Cap-Soaring-Oil-Prices.html) As crucial mid-term congressional elections in November draw near, the Trump administration is feeling the heat over higher oil prices. London-traded global oil benchmark Brent breached the $80 per barrel price point on Wednesday, its highest level since May 2. NYMEX-traded U.S. oil benchmark West Texas Intermediate Crude (WTI) reached […]

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JRL NEWSWATCH: “Russia to increase oil production to new record highs in 2019” – bne Intellinews

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

“… [According to OPEC,] Russian oil production has increased recently to a record 11.2mn barrels a day …. Russian state-owned oil producer Rosneft has already earned more profit in the first quarter of this year than in all of 2017 … ma[king] it the most valuable company in the country. The Russia’s energy ministry has raised its forecast for oil […]

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JRL NEWSWATCH: “As OPEC watches nervously, Russia and Saudi Arabia create a new axis – of oil; Russia is trying to be friends with everyone at once, and wielding growing influence” – Christian Scicence Monitor/Fred Weir

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“… Russia and Saudi Arabia ha[ve] agreed to ‘institutionalize’ their two-year old bilateral arrangement to coordinate oil production targets in order to smooth out global price fluctuations. Being two of the world’s three biggest oil producers – the third is the United States – their combined weight can be decisive. In 2016, Moscow and Riyadh agreed to slash production, and […]

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JRL NEWSWATCH: “Russia-Saudi Plans for Super-OPEC Could Reshape Global Oil Order” – Bloomberg/Will Kennedy, Elena Mazneva, Wael Mahdi

File Photo of King Salman of Saudi Arabia Seated Next to Saudi Flag and Gesturing, adapted from image at defense.gov

“… the group overseeing the so-called OPEC+ deal met last night [with] proceedings … dominated by … Saudi Arabia and Russia. … probably a snapshot of the oil market’s future.  Beyond … this week’s diplomatic efforts to agree to an increase in oil production, the more significant longer-term development may be moves to make Russia’s role in managing global supply […]

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NEWSWATCH: “Russia Flexes Its Soft Power Muscles; Extending output cuts deepens its role in global affairs” – Bloomberg/Julian Lee

File Photo of King Salman of Saudi Arabia Seated Next to Saudi Flag and Gesturing, adapted from image at defense.gov

“Oil has … [surpassed] $80 a barrel for the first time since November 2014. OPEC’s inventory target for output cuts has been met. … even though [Russian] oil companies want to turn on the taps and its finance ministry may be worried about prices rising too far, Russia won’t [end] its output deal with the group … when … participants […]

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Is Russia About To Abandon The OPEC Deal?

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(Oilprice.com – Irina Slav – May 17, 2018) OPEC and Russia are meeting in a little more than a month to discuss the progress of their oil production deal and what’s next. On the face of things, there will be no surprises: every country taking part in the deal is still committed to the cuts until the end of the […]

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Russia Gets $41.5 Billion Boost From OPEC Deal

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(Oilprice.com – Tsvetana Paraskova – February 13, 2018) Since the start of the OPEC-Russia production cut deal, Russia’s oil companies and government have received the equivalent of around US$41.5 billion more in proceeds, thanks to the higher oil prices, Russian Energy Minister Alexander Novak said on Tuesday. Due to the higher oil prices as a result of the pact, Russia’s […]

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NEWSWATCH: “Russia global top oil producer in November” – bne Intellinews

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“Russia produced an average of 10.12mn barrels of oil daily in November 2017, down from 10.86 a month earlier[,] but … is still the world’s top oil producer in the reporting month … Rosstat [says]. … followed by Saudi Arabia with 9.9mn barrels of average daily oil output. The combined output of the Opec states amounted to 32mn barrels in […]

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Gazprom Speaks Out Against OPEC Production Cut Extension

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(Oilprice.com – Tsvetana Paraskova – November 21, 2017) While OPEC is said to be mostly leaning toward a 9-month extension of the production cuts, Russia’s Energy Minister Alexander Novak and major Russian oil companies discussed last week a six-month extension after March 2018, and all but one company said they were ready to extend, Russia’s TASS news agency reported on […]

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NEWSWATCH: “OPEC Pushes Russia to Continue Helping on Oil Prices” – Wall Street Journal/ Benoit Faucon, Summer Said, Nathan Hodge

File Photo of King Salman of Saudi Arabia Seated Next to Saudi Flag and Gesturing, adapted from image at defense.gov

As King Salman becomes the first Saudi Monarch to visit Moscow, The Wall Street Journal reports on efforts by OPEC to keep Russia in an ad hoc coalition to suppress global oil production. “Saudi Arabia and OPEC are lobbying Russia to stay on board with their efforts to raise oil prices, amid signals that Moscow wants to end its participation in costly […]

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NEWSWATCH: “Russia Rallies: 1.3% GDP Growth, $55 Oil, World Bank Says; The Russian ruble is strengthening today on solid economic growth targets from the World Bank” – Barrons/ Dimitra DeFotis

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“Russia’s economy can expand at a 1.3% pace in 2017 and by 1.4% in 2018 and 2019, the World Bank said …. The ruble is strengthening … up 0.7% against the U.S. dollar, and Russian equities are rallying in Moscow. The VanEck Vectors Russia exchange-traded fund (RSX) is higher by 0.5% … as are the U.S.-traded shares of Sberbank Rossia (SBRCY). Moody’s […]

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RUSSIALINK RBTH: “Why Russia does not want to join OPEC; Russia sees oil club as a competitor, though they share tactical interests”

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(Russia Beyond the Headlines – rbth.ru – MARIA KUTUZOVA, SPECIAL TO RBTH) Russia is not considering joining OPEC, Russia’s Energy Minister Alexander Novak has told a U.S. conference. Speaking during the CERAWeek Oil Conference in Houston, Texas early March Novak added: “But our cooperation with the oil exporting countries has proven to be necessary and useful.” He has often spoken […]

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Russia Overtakes Saudi Arabia as World’s Top Crude Oil Producer

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(Bloomberg – bloomberg.com – Claudia Carpenter – February 20, 2017) Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades. Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, while […]

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NEWSWATCH: “General Frost to the Rescue: cold helps Russia comply with OPEC deal” – Reuters

Map of Russia and Russian Flag adapted from images at state.gov

“… Russia … in the past … accused of dragging its feet in implementing oil production and exports deals, reduced production by 100,000 barrels a day in the first few days of January … a third of the way towards the total cut Russia promised to deliver by mid-2017. … [at least partly] the result [of]  …unusually cold temperatures in […]

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Russian Energy Minister Says Oil Cuts to Start in January

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(Bloomberg – bloomberg.com – Elena Mazneva, Annmarie Hordern – December 11, 2016) Russia’s oil producers have started preparations to meet the nation’s pledge to curb output as part of the “historic” pact between OPEC and 11 producers outside the group, Energy Minister Alexander Novak said. “The first stage of the cut we will see as soon as early January,” Novak […]

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How Russia Outsmarted OPEC

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(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: “Ahead of promised cut, Russia’s oil output hits record high” – Reuters

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Russia plans to use its November oil production … its highest in almost 30 years, as its baseline when it cuts output under [a] deal with OPEC …. Russia … promised to gradually cut output by up to 300,000 … bpd … aimed at supporting oil prices. Its daily oil production rose to an average of 11.21 million bpd in […]

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Putin Optimistic About OPEC Deal, Russia Is Ready to Freeze

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(Bloomberg – bloomberg.com – Ilya Arkhipov – November 21, 2016) Russian President Vladimir Putin said he sees no obstacles to an OPEC agreement this month after oil exporters made major progress in overcoming differences as he reaffirmed Russia is willing to freeze crude output at current levels. “Whether an agreement will be reached, I can’t say 100 percent, but there’s […]

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NEWSWATCH: “Oil hits one-year high as Russia ready to join output caps” – Reuters

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Oil prices jumped as much as 3 percent on Monday, with Brent hitting a one-year high, after Russia said it was ready to join OPEC in curbing crude output and Algeria called for similar commitments from other non-OPEC producers. … “Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join,” […]

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Russia Smashes Post-Soviet Oil Supply Record as OPEC Weighs Curb

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(Bloomberg – bloomberg.com – Stephen Bierman, Julian Lee, and Dina Khrennikova – September 28, 2016) Russia, the world’s largest energy exporter, is on course to pump a post-Soviet record amount of oil in September, adding as much as 400,000 barrels a day to the country’s production. The output surge comes as OPEC nations meet in Algeria, with discussions to curb […]

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Russia and OPEC trio agree to freeze oil production, but no cuts

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Russia, Saudi Arabia, Qatar and Venezuela have announced their readiness to freeze oil production volumes at January levels but fell short of agreeing to cut production by 5 percent as was earlier anticipated. Market analysts believe this agreement is a loss for Russian diplomacy – as a result of the deal, oil prices and the related value of the ruble […]

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RBTH: Even if Russia and OPEC tango, oil prices won’t budge an inch

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As Russian officials consider trying to forge an agreement with OPEC in order to help push up oil prices, they are missing an unfortunate truth – factors such as the discord within the oil producers’ body, the positions of Saudi Arabia and Iran and the strength of the dollar all mean that the price of oil is unlikely to bounce […]

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Agreement between Russia, three OPEC countries concerns average oil output for year – Energy Ministry

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MOSCOW. Feb 16 (Interfax) – The agreement that Russia and OPEC nations Saudi Arabia, Qatar and Venezuela reached at meeting in Doha on Tuesday not to exceed January’s level of output applies to average figures for the year, not daily output, the Russian Energy Ministry said in a revised statement following the meeting. The meeting was between Russian Energy Minister […]

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