Putin To Bail Out Russian Oil Industry

Oil Well file photo

(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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JRL NEWSWATCH: “Russia’s GDP shrinks by 20% in April, but government maintains a triple surplus” – bne Intellinews

Cash, Calculator, Pen

“… Russia’s nominal GDP shrank … 28%, of which two-thirds was due to the nation-wide lockdown … another third … due to … oil prices, the Ministry of Finance said …. The real contraction of the economy in April could be 20%, according to the Ministry …. [T]he government has reported … surplus[es] [for] the trade balance, currency account and […]

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Why Russia Finally Accepted Deeper Oil Output Cuts

Oil Well file photo

(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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JRL NEWSWATCH: “As coronavirus hits record numbers in Russia, this is a dangerous moment for Putin” – CNN/ Nathan Hodge

Coronavirus File Photo adapted from image at cdc.gov

“Russia hit a grim milestone … officially recording the highest number of coronavirus cases the country has seen in a 24-hour period, with 10,633 people testing positive. … [T]he economic pain is worsening … Finance Minister Anton Siluanov said on state television … ‘I don’t recall anything like this,’ … adding that plummeting global oil prices — a primary source […]

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Russia’s Energy Czar, Disliked And Feared, Catches Blame As Oil Prices Collapse, Venezuela Deals Crumble

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

March was the cruelest month for one of Russian President Vladimir Putin’s longest-serving and most hawkish confidants[,] Igor Sechin … head of state oil company Rosneft …

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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: “Russia’s economic woes will clip Vladimir Putin’s wings; Pandemic combined with collapsing oil prices spells real hardship” – Financial Times

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

“… Putin’s … oil price war with Saudi Arabia … was disastrously timed. … days before the coronavirus pandemic began forcing economies around the world into lockdown, cutting crude demand. Russia then succumbed to the virus itself. … [Putin] had to cancel a referendum to approve constitutional changes …. The IMF forecasts Russian [GDP] could contract by 5.5 per cent […]

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Saudi Arabia And Russia Fight Bitter Market Share Battle As Oil Prices Collapse

Oil Wells File Photo

(Oilprice.com – Vanand Meliksetian – April 27, 2020) The Chinese word ‘crisis’ consists of the characters for ‘danger’ and ‘opportunity’. The unprecedented situation in global energy markets has provided traditional producers with an opportunity to displace incumbents in primarily the U.S. The price war Saudi Arabia started after Russia refused to reduce output in early March has decimated budgets of […]

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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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RUSSIALINK: “Explainer: What Happened to Oil Prices and What Does it Mean for Russia?” – Moscow Times

Oil Wells File Photo

Oil prices in the U.S. went negative for the first time in history. Should Russia be worried? (Moscow Times – themoscowtimes.com – Jake Cordell – April 21, 2020 – Jake covers business & economics for The Moscow Times.) What happened? The headline price for a barrel of West Texas Intermediate (WTI) oil fell into negative territory for the first time […]

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JRL NEWSWATCH: “Oil prices fall to less than zero for the first time in history” – bne Intellinews/ Ben Aris

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Oil prices dropped to less than zero dollars as producers are forced to pay buyers to find some place to store their output “Oil prices for the US WTI blend fell to less than zero on the futures market for May deliveries on April 20 for the first time in history as producers ran out of places to store crude. […]

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Qatar And Russia Fight For LNG Supremacy As Prices Fall To Historic Lows

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(Oilprice.com – Viktor Katona – April 19, 2020) [Text with charts oilprice.com/Energy/Energy-General/Qatar-And-Russia-Fight-For-LNG-Supremacy-As-Prices-Fall-To-Historic-Lows.html] The 2020 drastic oil price drop, induced by the ever-frightening coronavirus and the Saudi-Russian spat, has ravaged business interests all across the world. US oil producers are facing a new reality – instead of a seemingly watertight growth trajectory, 2020 will most probably witness a decline in annual […]

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

Oil Wells File Photo

(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

Oil Well file photo

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

Offshore Oil Rig file photo

“… .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

Oil Wells File Photo

“… 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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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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Money Is Flooding Into Russia Despite Crashing Oil Prices

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(Oilprice.com – Michael Kern – April 7, 2020) With the virtual OPEC+ meeting where Russia and Saudi Arabia were to discuss output cuts to end the oil price war delayed Monday, oil prices took a huge beating–but Russian stocks are still hanging on. While state-backed companies saw their share prices shredded on March 9th, including major banks Sberbank and VTB […]

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Relief On The Horizon? Trump And Putin Discuss Oil Markets

Vladirmir Putin and Donald Trump Sitting in Chairs with Flags Behind, adapted from image at whitehouse.gov

(Oilprice.com – Julianne Geiger – March 30, 2020) U.S. President Donald Trump and Russian President Vladimir Putin agreed on Monday to have energy officials from both countries discuss the dire state of the global oil market, the Kremlin said, according to Reuters. Trump and Putin discussed the matter over the phone on Monday. “Opinions on the current state of the […]

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The Oil Price War of 2020: Winners, Losers and Ways Forward

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(Russia Matters – russiamatters.org – Li-Chen Sim – March 25, 2020) Li-Chen Sim, an assistant professor at Zayed University in the United Arab Emirates, is an expert on the political economy of energy in Russia and in the Middle East. Two broad themes have dominated analyses about the failure of OPEC+ to arrive at a new consensus on oil production […]

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The Cost Of The Oil Price War Is Growing For Russia

Oil Wells File Photo

(Oilprice.com – Irina Slav – March 25, 2020) Russia’s economy needs about a trillion rubles, or roughly $12.7 billion a month over the next few months to emerge stable from the coronavirus pandemic and the oil price crash Russia’s economy needs about a trillion rubles, or roughly $12.7 billion a month over the next few months to emerge stable from […]

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Russia’s Unexpected Advantage In The Oil Price War

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(Oilprice.com – Tsvetana Paraskova – March 25, 2020) While the ruble is now at its lowest level against the dollar in four years, the cheaper ruble has a silver lining for Russia’s oil producers in the oil price war for market share with Saudi Arabia. The collapse of the OPEC+ deal and oil prices has hit Russia’s financial markets and […]

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Russia Sees Oil & Gas Income Fall By Almost $40 Billion

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(Oilprice.com – Tsvetana Paraskova – March 18, 2020) Russia’s revenues from oil and gas will be US$39.5 billion (3 trillion rubles) lower than planned, due to the tumbling oil prices, Russian Finance Minister Anton Siluanov said on Wednesday, adding that Russia’s budget will be in deficit this year. The coronavirus pandemic and the lower economic activity, coupled with oil prices […]

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The Inevitable Outcome Of The Oil Price War

Middle East Map

(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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Russia Makes Move On Antarctica’s 513 Billion Barrels Of Oil

Antarctica Map

(Oilprice.com – Simon Watkins – March 16, 2020) Rosgeologia’s seismic surveys and other related work since the 70s to now indicate that there is at least 513 billion barrels of oil and gas equivalent in Antarctica, and Moscow has now set its sights on the world’s most underexplored continent Given the march that it has stolen on everyone else in […]

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Why Didn’t Russia Just Cut Oil Production?

Oil Wells File Photo

(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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Kremlin’s Fiscal Strength Put To The Test By Plummeting Oil Prices

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(Article text ©2020 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – March 12, 2020 – article text also appeared at rferl.org/a/kremlin-fiscal-strength-put-to-the-test-by-plummeting-oil-prices/30484158.html?withmediaplayer=1) Earlier this month, Russia’s finance minister had this to say about the health of the government’s budget and the global benchmark for oil prices, which was trading at around $50 a barrel: Even if prices dropped to $30 […]

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The Reasons And Risks Behind Russia’s Big Oil Bet

Oil Wells File Photo

(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

Oil Well file photo

(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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Ruble, Oil Prices Tumble Amid Market Chaos After OPEC-Russia Deal Collapses

Diverse Paper Currency, Coins, Line Graph

(Article text ©2020 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – March 9, 2020 – article text also appeared at rferl.org/a/ruble-oil-prices-tumble-after-opec-deal-collapses-amid-coronavirus-fears/30476938.html) The Russian ruble fell to a four-year low after oil prices collapsed following a breakup of talks between OPEC leader Saudi Arabia and Moscow. The ruble tumbled on March 9 by more than 7 percent to nearly 74 […]

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Russia Looks To Lure Citizens To Energy-Rich But Foreboding Arctic Regions

Map of Arctic Highlighting Permafrost, adapted from image at nasa.gov

(Article text ©2020 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – March 6, 2020 – article text also appeared at rferl.org/a/russia-lures-citizens-energy-rich-arctic-regions/30471435.html) Russia is seeking to persuade more people to live in its energy-rich Arctic regions as part of a 15-year strategy plan signed by President Vladimir Putin. The Kremlin plan, titled Foundations Of State Policy In The Arctic To […]

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JRL NEWSWATCH: “Falling oil prices threaten to derail Putin’s spending promises” – Financial Times/ Max Seddon, Henry Foy, Nastassia Astrasheuskaya

Oil Wells File Photo

Kremlin’s bid to boost economy relies on Russian budget surplus and national wealth fund “… Putin’s spending promises are under threat from falling oil prices that could hurt the savings the Kremlin is tapping to rekindle growth. The coronavirus outbreak … pushed Brent crude, the international oil benchmark, down 10 per cent to a year-low … close to $50 a […]

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RUSSIALINK: “U.S., Britain Double Russian Oil Purchases” – Moscow Times

Oil Well file photo

(Moscow Times – themoscowtimes.com – February 27, 2020) The United States and Britain have more than doubled their crude oil purchases from Russia due to Iran and Venezuela sanctions, the RBC news website reported Friday, citing customs data. Russia exported more than 267 million metric tons of crude oil worth $121 billion in 2019, RBC cited Federal Customs Service data […]

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Russia Is Defeating The U.S. In The Middle East Oil Game

Middle East Map

(Oilprice.com – Simon Watkins – February 18, 2020) Historically, Russia goes to great lengths to hide or disguise its strategic intentions but it clearly feels empowered enough in the Middle East to very obviously stake its claim in the region – excluding, for the time being only, Saudi Arabia – by stating that a slew of Russian companies are to […]

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The Race For Arctic Oil Is Heating Up

Arctic Map

(Oilprice.com – Tsvetana Paraskova – February 6, 2020) Despite climate concerns and environmentalist backlash against exploration for oil and gas in pristine sensitive regions of the Arctic, companies continue to explore for hydrocarbon resources in the Arctic Circle, in Russia and Norway in particular. The largest Russian energy companies are looking to explore more Arctic oil and gas resources on […]

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Russia Bets Big On The World’s Least Explored Oil Frontier

Africa Map

(Oilprice.com – Viktor Katona – January 10, 2020) When the inaugural Russia-Africa summit was held in October 2019, most industry observers believed that the majority of projects under discussion would not get past the FID stage – in no small part because of their varied economic prospects. As well as wheat exports, nuclear technologies, conventional weaponry and ore mining, oil […]

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U.S. Lawmakers To Discuss Russia Sanctions Bill ‘From Hell’

American Flag and Partial View of U.S. Capitol Dome, adapted from image at aoc.gov

(Article text ©2019 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – Todd Prince – WASHINGTON – Dec. 18, 2019 article text also appeared at rferl.org/a/u-s-lawmakers-to-discuss-russia-sanctions-bill-from-hell-/30331992.html) A U.S. Senate panel is set to debate a bill that is designed to punish Russia for its alleged interference in democratic processes abroad as well as “malign” actions in Syria and aggression against […]

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The Worrying Truth About Russia’s Oil Industry

Oil Well file photo

(Oilprice.com – Vanand Meliksetian – Dec. 16, 2019) The widespread adaptation of the combustion engine at the start of the 20th century propelled oil into becoming the world’s most important commodity. Resource-rich countries such as Russia were the beneficiaries of the new global energy order. Its predecessors, the Soviet Union and Imperial Russia, were already among the first and most […]

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Russia’s Economy Is Signaling An Oil Price Rally

Oil Well file photo

(Oilprice.com – Alex Kimani – December 12, 2019) Even as the oil price outlook has become clearly bearish, Russia knows little fear. It’s defying the oil price hibernation with bullish economic outlook, the best-performing equities market, and even the best-performing currency against the U.S. dollar. And there’s something the average investor might not know: A strong performance by Russia’s equities […]

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Russia-Ukraine Fallout Won’t Threaten Security Of EU Gas Supply

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(Oilprice.com – Tsvetana Paraskova – December 4, 2019) Even if Russia and Ukraine were to fail to reach an agreement on the natural gas transit through Ukraine onto Europe, the security of gas supply in the European Union (EU) will not be materially threatened, the Institute of Energy Economics (EWI) at the University of Cologne said in a study on […]

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U.S. Senate Hearing Exposes Partisan Differences Over New Russia Sanctions

American Flag and Partial View of U.S. Capitol Dome, adapted from image at aoc.gov

(Article text ©2019 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – Todd Prince – WASHINGTON, Dec. 4, 2019 – article text also appeared at rferl.org/a/u-s-senate-hearing-exposes-partisan-differences-over-new-russia-sanctions/30306449.html) A hearing in the Senate to discuss U.S. foreign policy towards Russia exposed partisan disagreements over whether to impose new sanctions on a rival power accused of “malign” actions, including interference in foreign elections. […]

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Clock Ticking In Congress As Russia Presses Ahead With Nord Stream 2 Gas Pipeline

American Flag and Partial View of U.S. Capitol Dome, adapted from image at aoc.gov

(Article text ©2019 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – Todd Prince – Nov. 18, 2019 – article text also appeared at rferl.org/a/clock-ticking-in-congress-as-russia-presses-ahead-with-nord-stream-2-gas-pipeline/30278828.html) As the impeachment inquiry hogs the spotlight in Washington, another drama in which Ukraine has a role is playing out more quietly — and causing concern in Kyiv, which is watching warily as Russia brings […]

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The Inevitable Finale Of The Nord Stream 2 Saga

Gas Flame file photo

(Oilprice.com – Vanand Meliksetian – Nov. 11, 2019) Europe is quickly becoming one of the most important export destinations for gas exporters. Production is decreasing quickly due to political and technical developments. The next few decades are promising for exporters. Nord Stream 2 is arguably one of the most contentious projects currently under development. Denmark recently granted the last necessary […]

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RUSSIALINK: “Russian Oil Production Among Most Expensive in World; Saudi analysis finds Russian oil production has one of the highest break-even prices in the world” – Moscow Times

Oil Well file photo

(Moscow Times – themoscowtimes.com – Nov. 12, 2019) Russia is one of the most expensive places in the world to produce oil, new analysis produced for Saudi Arabia’s state-owned oil giant Saudi Aramco has found. The cost of producing a single barrel of Brent crude oil came in at around $42 for Russian onshore projects, and $44 for offshore projects, […]

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Oil, Military And Nuclear Tech: Russia’s Influence In Africa

Africa Map

(Oilprice.com – Vanand Meliksetian – Oct. 17, 2019) Virtually all great powers have set their eyes on Africa as the continent’s global importance grows. Its population is set to double by 2050 and its economy is expected to expand significantly alongside its energy consumption. It is these projections that have driven Russia to invest heavily in strong relations in the […]

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JRL NEWSWATCH: “Hunter Biden’s web of interests; His ties span the globe and raise questions about the overlap of business and politics” – Financial Times/ Aime Williams, Sun Yu, Roman Olearchyk

“Hunter Biden’s business interests often show up in unexpected places … Now [they are] … at the centre of … the fourth impeachment inquiry in U.S. history. … under scrutiny after … Trump leaned on the president of Ukraine to investigate …. Trump has also publicly called on China to investigate the Bidens. The Ukraine revelations have led House Democrats […]

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JRL NEWSWATCH: “Pipelines From Russia Cross Political Lines; Critics say the Nord Stream 2 project would make Germany too dependent on Russian natural gas and economically punish Ukraine” – New York Times/ Steven Erlanger

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“… Radoslaw Sikorski … former Polish defense minister, compared it to the infamous 1939 Molotov-Ribbentrop Pact that allied the Nazis with Stalin’s Soviet Union. … [A] pair of natural gas pipelines known as Nord Stream 2, … would double the capacity of an existing pair of pipelines, Nord Stream …. The pipelines run from Russia directly under the Baltic Sea […]

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Russia’s Oil Reserves Now Worth $1.2 Trillion

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(Oilprice.com – Charles Kennedy – September 22, 2019) The total value of Russia’s oil reserves is estimated at $1.2 trillion, nearly doubling the valuation over the course of a single year, Moscow’s Ministry of Natural Resources and Environment reported Friday. According to the ministry’s data, the market value of the oil reserves increased by 88 percent over the past year, […]

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RUSSIALINK: “Russia Could Gain From Saudi Oil Attack – Analysts; Higher oil prices are generally good for the world’s second-largest producer” – Moscow Times

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(Moscow Times – themoscowtimes.com – Jake Cordell) Russia is set to be a major winner after an attack on Saudi Arabian oil facilities slashed production and ramped up tensions in the Middle East, analysts predict. In a frantic day for the world’s markets, oil prices climbed by almost 15% Monday following the drone attacks on Abqaiq, Saudi Arabia’s largest oil […]

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