Tag Archives: Lukoil

Russian oil producers are confronting their greatest challenge in decades as they try to fend off a historic price slump without permanently damaging their fields. To save the market from collapse caused by the coronavirus, Moscow and its OPEC allies agreed to cut crude output deeper than ever before. Their …

Russia’s No.2 oil producer Lukoil is running into difficulties staffing its assets in Iraq due to the new coronavirus and associated restrictions, chief executive Vagit Alekperov, was cited on Saturday by Interfax news as saying. Lukoil manages the West Qurna 2 oilfield, 65 km (40 miles) north-west of Basra. It …

Russia’s oil producers have been told by the Energy Ministry to cut their production by about a fifth to comply with the new OPEC+ deal starting May 1, said two people with knowledge of the matter. After days of consultations on how to divide the supply curbs, companies were instructed …

OPEC countries reached a landmark deal to diminish oil output starting from May 1, 2020. On April 12, members of OPEC and their allies, including Russia, announced that they had agreed to cut production by 9.7 million barrels a day in May and June 2020. After that, the group will …

OPEC+ is still waiting for Russia to clarify its position on deeper oil output cuts.

Iraq’s proven oil reserves stand at over 145 billion barrels. while gas reserves exceed 3.7 trillion cubic meters.

Iraq has been one of the weakest links since the OPEC+ alliance began in late 2016.

Price shocks would only happen if producers violate their commitments.

The Russians have a grievance about the pact that they are likely to take up with their OPEC allies.

Gazprom and Rosneft are developing large deposits on the Arcric shale at the moment.