Contents tagged with OPEC

  • Russia failing to meet OPEC oil production quota

    Russia may have to pay a high price for the OPEC+ deal to reduce oil production which was concluded in the spring of 2020 after a price war with Saudi Arabia.

    Russian oil companies have been facing problems trying to restore production volumes after the largest one-time decline in history, which removed every sixth barrel produced in Russia from the oil market.

    While OPEC+ countries are increasing production, and the total quota for the cartel is increased by 400,000 barrels per day every …

  • Russia capitulates in oil war

    The Kremlin's attempt to show its teeth in the global oil market and sacrifice a partnership with Saudi Arabia in order to strike the U.S. shale industry ended in Russia's capitulation.

    On Thursday, following a video conference, the ministers of the OPEC countries reached an agreement to stabilize the global oil market, which was on the verge of disaster due to the coronavirus pandemic that brought down global demand.

    To stop the collapse of prices falling to the levels of the late 1990s ($10. …

  • Kremlin: Russia is ready to cooperate in stabilizing global energy market

    Russia is in favor of joint coordinated actions to stabilize the global energy market. Such a position of the Russian Federation will be presented during today's video conference of OPEC member states, TASS reports, citing Putin's press secretary Dmitry Peskov.

    "All other details will be discussed during the working process at the teleconference, let's wait for it," the Kremlin spokesman added.

    Today’ OPEC talks is the second attempt to reach consensus after a failed meeting in Vienna in …

  • Saudi Arabia accuses Putin of lying

    Saudi Foreign Minister Faisal bin Farhan al-Saud accused Russian President Vladimir Putin of distorting the facts about the situation around the OPEC agreement on reducing oil production.

    Al-Saud said that Putin's words that the initiator of the collapse of the deal was not Russia, but Saudi Arabia, "completely devoid of truth." The day before, at a government meeting, Putin noted that in early March Russia offered to extend the OPEC deal, "but, unfortunately, the situation began to develop in …

  • China buys cheap Russian oil in record volumes

    China has taken advantage of falling demand for oil in Europe amid a coronavirus pandemic to replenish its reserves with oil from Russia. According to traders, China has already purchased 1.6 million tons of Russian oil for shipping by sea in the next four weeks, Reuters reported. At the same time, the Chinese are enjoying not only a drop in demand for oil in Europe, but also low prices for Russian raw materials.

    According to traders, Russian oil companies are quite happy with orders from …

  • Russia blames Gulf countries for crisis in global oil markets

    Russia said that the Gulf countries are to blame for the crisis in the world oil markets. According to Andrei Belousov, Russia's first deputy prime minister, Russia had never sought a sharp drop in oil prices or an end to cooperation with OPEC.

    In early March, Russia and OPEC could not agree on how their agreement on reducing oil production should work. OPEC wanted to expand the cuts to oil production, while Moscow proposed to expand the existing restrictions. The conflict occurred against the …

  • Russia promises to increase oil production amid collapse in prices

    Russian oil workers were ready to sever relations with OPEC and were ready for a drop in oil prices to $32 per barrel and below. Such a situation gives the country "opportunities that need to be properly assessed," a senior oil industry official who took part in preparing Russia's position ahead of talks with OPEC told TASS.

    "Yes, they assessed it. It's normal to look at different scenarios," he said, when asked if the Russian side had calculated the drop in oil prices to $32 per barrel and …

  • Russia announces plans to withdraw from OPEC+

    In 2020, Russia will consider the possibility of withdrawing from its agreement with the OPEC countries, according to which the largest oil producing countries must reduce their production in order to support oil prices by preventing excess supply.

    The OPEC+ deal, first signed at the end of 2016 and extended five times since then, becoming the first coordinated step between Russia and Saudi Arabia in more than 20 years, will not be permanent, Russian Energy Minister Alexander Novak told the TV …

  • Russia and US start talks on future of Venezuela

    Russia and the US will soon start talks on the future of Venezuela, which for years has been suffering from a sever economic crisis, hyperinflation, and a shortage of basic necessities, and is now also facing a bitter political crisis.

    Russian Deputy Foreign Minister Sergey Ryabkov arrived in Rome early this week to meet with the US Special Representative for Venezuela, Elliott Abrams.

    Russian Foreign Minister Sergey Lavrov told US Secretary of State Mike Pompeo on 4 March that he is willing …

  • Saudi Minister of Energy: Sanctions against Russia will affect the global energy market

    During a press conference, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih said that the new sanctions against Russia can have an impact on the global energy market, RIA Novosti reported.

    “Russia is a big supplier of gas to Europe and oil to China. If this happens, it will affect Europe, China and the world,” the minister said, during a press conference in Baku, where the meeting of OPEC+ Monitoring Committee․

      The committee will evaluate the measures to …