Tag Archives: Alexander Novak

Under the current deal the producers are cutting supply by about 1.8 million barrels per day (bpd).

U.S. net oil imports. including crude and refined products. last week dropped to just 1.77 MMbpd.

Last week. news emerged about preliminary plans to build a $20 billion complex to convert crude oil to chemicals.

Nigeria would support an output cap for itself at 1.8 million b d and would continue to be responsible with its production.

Saudis want production cuts extended through 2018. while Moscow wants flexibility.

Russia'.s oil minister told representatives of gas exporting nations that EU and U.S. sanctions against oil exporter'.s are ".unacceptable.".

An intergovernmental agreement between Russia and Turkey on cooperation in construction and operation of the Akkuyu plant was signed in 2010.

A possible six-month extension proposal from Russia is shorter than the market is largely expecting.

Reports emerged last week that Russia is considering a delay on the decision to extend the cut.

OPEC and allied oil producers should extend their production cuts beyond March to help rebalance the market.