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News // Middle East and OPEC

Will oil prices rise or fall? Look toward Russia for the answer

There is only one thing standing in the way of higher oil prices, and it is not U.S. shale companies. The only obstacle standing in the way of higher oil prices today is Russia.

01 May 2017 , 00:01Thomas H. KeeNeftegaz.RU8930

OPEC tells Russia of next production meeting

OPEC's secretary general confirmed to Russian media that members of a committee reviewing an oil production deal are preparing for meetings in May.

19 April 2017 , 16:24Neftegaz.RU6870

Russia to reach record high oil output in 2017 amid cuts

Russia's oil production will reach a record high of 549 million tons in 2017 despite a planned output reduction.

13 April 2017 , 12:12Neftegaz.RU8580

Oil prices set for strong week after Russia comments, US strike

Oil prices closed higher on April 7 for the 2nd week in a row — and the coming 7 days could be another good period of growth.

10 April 2017 , 13:00Neftegaz.RU7130

Are Gulf oil producers falling into the «Venezuela Trap«?

Oman has struck a deal with several banks for a $4 bln loan to be repaid in future oil deliveries. Abu Dhabi signed a contract with Vitol to supply it with over half a million tons of liquefied petroleum gas annually over the next decade in exchange for an upfront payment. Other Middle Eastern producers are also considering oil-for-loan schemes, desperate for cash as oil prices stubbornly refuse to go up to the levels they need.

03 April 2017 , 00:03Irina SlavNeftegaz.RU8810

Russia reaches 2/3 of oil output cut target

Russia has cut crude oil production by 200,000 barrels daily, Energy Minister Alexander Novak said.

31 March 2017 , 14:16Irina SlavNeftegaz.RU9140

Non-OPEC cutback participant Russia sees oil at $40/bbl heading into 2018

Russia said that it sees Urals at an average of $50 per barrel this year, but falling to $40 at the end of 2017 and staying near that level until 2019.

27 March 2017 , 17:39Neftegaz.RU10620

Lukoil calls for more oil cuts

Vagit Alekperov is encouraging OPEC and non-OPEC countries to extend their oil production cuts to help prop prices.

17 March 2017 , 10:11Neftegaz.RU8370

OPEC’s Barkindo: Russia doing a good job on production cuts

OPEC Secretary General Mohammad Barkindo has praised Russia’s commitment to the oil production cuts.

10 March 2017 , 12:14Neftegaz.RU9990

Saudi/Russian vow to fortify oil cutbacks undercut by Iraq promising production hike to 5 mln bpd

Saudi Arabia and Russia presented a united front on compliance - only to have the rug pulled out from under them by Iraq boasting that it will be able to produce 5 mln barrels per day (bpd) by the 2nd half of this year.

09 March 2017 , 18:00Neftegaz.RU9250

Minister Novak: Russia will consider extending participation in OPEC cutback agreement

Alexander Novak, energy minister, told that Russia considers it possible to extend its participation and will decide on the issue several months short of the agreement's expiry date.

17 February 2017 , 16:10Neftegaz.RU9770

Russia could move quicker on oil production declines

Russia could move quicker than expected on trimming oil production under the terms of an OPEC-led agreement.

03 February 2017 , 12:09Daniel J. GraeberNeftegaz.RU9390

Saudi Arabia will not reduce its oil exports to Japan despite the OPEC cut agreement

Crude oil shipments to Japan from its biggest supplier, Saudi Arabia, won’t be impacted by the agreement between OPEC and non-OPEC countries to cut output.

27 January 2017 , 18:00Neftegaz.RU51600

Trump's America energy 1st plan greeted politely by OPEC and Russia

Trump has reiterated his vow to make America energy independent by releasing an America 1st Energy Plan whose highlights include taking advantage of the country's estimated $50 trln in untapped shale, oil, and natural gas reserves.

25 January 2017 , 12:11Neftegaz.RU10770

Energy Minister Novak: Russia has reduced oil production by 100,000 bpd

Russia lowered its oil output in the wake of a landmark deal struck in November by the OPEC to spur prices through reduced production.

23 January 2017 , 10:37Neftegaz.RU9520

Kuwait confirms OPEC cut compliance

An agreement to cut oil production to meet with the terms of an OPEC agreement reached in November holds through the 1st quarter, the  Kuwait Petroleum reported.

05 January 2017 , 10:10Neftegaz.RU11580

OPEC and Russia talk gives oil prices a boost

A year-end gain in crude oil prices on the first full trading day after the Christmas holiday was boosted by OPEC and signals from a top Russian oil producer.

28 December 2016 , 12:04Daniel GraeberNeftegaz.RU9990

Zangeneh: Russia opts for oil swap with Iran

Minister of Petroleum Bijan Zangeneh says Russian Lukoil company seeks oil swap with Iran and talks in that direction are going on.

19 December 2016 , 11:58Neftegaz.RU8910

Russian producers agree to cut oil output but details elusive

Russia’s energy minister said he had reached a framework agreement with oil companies on how to implement an output cut, but the producers said there were still details to be worked out.

16 December 2016 , 10:07Neftegaz.RU9720

Russian oil producers loosely in line with OPEC

Russian oil companies have warmed to an OPEC decision on production levels, but only in very loose terms, the Russian energy minister said.

09 December 2016 , 12:11Neftegaz.RU9230