Tag: Russia
Is $60 oil a new normal for the industry? – IEA
Strong demand in oil still expected in the short term Oil Market Report, International Energy Agency The events in Saudi Arabia have added extra momentum to the rally that has driven oil prices from lows of $45/bbl (Brent) in late June to around $63/bbl recently, according to the International Energy Agency. To date, we have […]
Russia exports most of its crude oil production, mainly to Europe
Russia also exported 1.3 million b/d of fuel oil, 990,000 b/d of diesel, and 120,000 b/d of gasoline in 2016 Russia exported more than 5.2 million b/d of crude oil and condensate and more than 2.4 million b/d of petroleum products in 2016, mostly to countries in Europe, according to the U.S. Energy Information Administration. […]
ExxonMobil challenges “retroactive changes” on Russian sanctions by US Treasury
ExxonMobil argues Treasury can’t apply sanctions just because it retroactively changes its interpretation of rules ExxonMobil said it has launched a legal challenge to a finding by the Treasury Department’s Office of Foreign Assets Control (OFAC) that it violated U.S. sanctions against Russia in 2014 when the company followed authoritative and specific guidance from the Obama […]
U.N. North Korean coal export cap could decrease North Korean export earnings
Russia is significant trading partner for North Korea In 2016, the almost $1.2 billion value of North Korean coal exports accounted for about 40 per cent of their total export revenue, according to the U.S. Energy Information Administration. A cap imposed by the United Nations (U.N.) on imports of coal from North Korea would limit North […]
United States remains world’s top producer of petroleum, natural gas
United States petroleum production fell by 300,000 b/d in 2016 The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2016 for the fifth straight year despite production declines for both petroleum and natural gas relative to their 2015 levels, according to the U.S. Energy Information Administration. The United States has […]
Saudi Arabia, Russia agree to push OPEC supply cut to March 2018
OPEC supply cut extension announcement boosts oil prices Oil prices were up on Monday after the world’s two top oil producers, Saudi Arabia and Russia, agreed that the OPEC supply cut pact should be extended until March 2018 to tackle the global crude glut. In a statement issued by Saudi Energy Minister Khalid al-Falih and his […]
Russian oil production decrease exceeds OPEC supply cut pledge
Russian oil production down by 300,790 b/d On May 1, Russian oil production was down 300,790 barrels per day (b/d) below October’s output, more than Russia had pledged to cut in the OPEC supply cut pact, according to the Russian Energy Ministry on Wednesday. According to the OPEC deal, most cartel members along with some […]
Russia tops Saudi Arabia as top Chinese crude supplier in March
Chinese crude market highly sought In the race to be the largest Chinese crude supplier, Russian oil producers bumped the Saudis into second place in March. Saudi Arabia had exported the most oil to China for the first two month of 2017, but last month, Russian exports grew nearly 1 per cent to 1.104 million […]
Russia says it can boost oil output if OPEC supply cut deal lapses
Russian contribution to OPEC supply cut was 300,000 b/d Russia could boost its crude output to its highest rate in 30 years if OPEC and non-OPEC producers do not extend the OPEC supply cut pact beyond June 30, according a Reuters source familiar with Russian oil firms’ investment plans. Despite strong compliance with the OPEC pact, the […]
US denies Exxon permission to drill in Russia
Exxon denial part of US stance on sanctions against Russia The United States will not make an exception for any energy companies looking to drill in areas prohibited by US sanctions on Russia, including global oil major Exxon Mobil Corp. Treasury Secretary made the rare public comment on Exxon’s licence application Friday. “In consultation with President Donald J. […]
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