The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to full capacity to fight a price war with rivals.International crude…
Gazprom Neft, the oil arm of Russian gas giant Gazprom, plans to raise oil production at its Arctic projects this year, the company said on Tuesday.It said its oil production at the Novy Port project will rise to 8 million tonnes (160,000 barrels per day) in 2020 from 7…
Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia…
Losing more than a quarter of their value, oil prices were set on Monday for their biggest daily rout since the first Gulf War, after Saudi Arabia cut its official prices in a market already reeling from the impact of the coronavirus on global demand…
Brent slid to its biggest daily loss in more than 11 years on Friday after Russia balked at OPEC's proposed steep production cuts to stabilize prices hit by the economic fallout from the coronavirus, and OPEC responded by removing limits on its own production…
Oil prices slid more than 4% on Friday after Reuters reported that Russia will not agree to steeper oil output cuts by OPEC and its allies to support prices. Brent and WTI crude futures tumbled by nearly $3 a barrel, or more than 5%, after the report…
Lukoil shook up its oil production business on Wednesday, promoting a low-profile executive and splitting the role of a veteran of Russia's top private oil producer, who is seen as a possible future leader. đRussia's second-biggest oil producer…
OPEC's proposal to cut oil production by up to 1 million barrels a day would be enough to balance the oil market and lift prices to $60 a barrel, Leonid Fedun, vice-president of Russian oil producer Lukoil, told Reuters. The comments from Fedun…
Vice president of Russian oil producer Lukoil, Leonid Fedun, said on Monday the company aimed to become a net zero carbon emitter by 2050.'It is realistic to a reach zero carbon footprint' for us, he said at a presentation.(Reporting by Vladimir Soldatkin…
Saudi Arabia's energy minister said on Tuesday he was confident that OPEC and its partner oil-producing nations, the so-called OPEC+ group, would respond responsibly to the spread of the coronavirus. He also said Saudi Arabia and Russia would continue to engage regarding oil policy…
In a move that might make some nervous, the United States — through its “strategic” investment arm, the newly enlarged International Development Finance Corporation — has announced plans to invest USD 1 billion on unspecified European energy projects…
Oil prices slipped on Friday as Russia said it would need more time before committing to output cuts along with OPEC and other producers amid falling demand for crude as China battles the coronavirus epidemic. Brent crude futures fell 49 cents…
Some 58.5 billion cubic meters (bcm) of natural gas were shipped from Russia to the EU via the Nord Stream pipeline in the Baltic Sea.Nord Stream AG, the operator of the 1,224-kilometer twin pipeline shared the number on Wednesday.It said: 'Thanks to uninterrupted operation throughout the year…
Russian gas giant Gazprom has supplied its first billion cubic meters of gas via the TurkStream gas pipeline in the Black Sea, just weeks after the official opening.Of that amount, about 54 percent went to the Turkish gas market and some 46 percent was delivered to the Turkey-Bulgaria border…
Cyprus is blocking new European Union sanctions against several officials from Russia-annexed Crimea in a bid to secure EU backing for tougher action against Turkey in a separate row over drilling for hydrocarbons, three diplomatic sources said…