Russia’s oil output has dipped below its OPEC+ target in February amid abnormally cold weather, meaning the country failed to take full advantage of a more generous quota. The nation pumped an average of 1.377 million tons a day of crude and condensate on average from Feb. 1 to 25, …
Read More »Novatek Inks Arctic LNG 2 Supply Deal with Shenergy
Russia’s largest independent natural gas producer and LNG operator Novatek has secured an LNG supply deal with China’s Shenergy Group. Novatek said on Thursday the deal is for a cumulative supply of over 3 million tons of LNG from the Arctic LNG 2 project over a 15-year term. The volumes …
Read More »Russia, Saudi Arabia at Odds over Oil Cuts Ahead of OPEC+ Meeting
Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group. Saudi Arabia and Russia have differences over a potential deal among OPEC+ oil …
Read More »Saudis, Russia Differ again on Oil Strategy before OPEC+ Meeting
Saudi Arabia and Russia are once again heading into an OPEC+ meeting on opposite sides of a crucial debate about the oil market. Riyadh is publicly urging fellow members to be “extremely cautious,” despite prices rebounding to a one-year high. In private, the kingdom has signaled it would prefer that …
Read More »Russia, Saudi Arabia Vow Continued Coordination in Oil Policy
Saudi Arabia and Russia would like to continue their coordination to support oil market stability, the leaders of the two most influential members of the OPEC+ production pact said during a telephone conversation this week. Russia’s President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman exchanged views on …
Read More »Sanctions are Only One of many Tools US has against Nord Stream
The US administration is continuing to monitor the implementation of the Nord Stream 2 gas pipeline project US Department of State Spokesperson Ned Price said at a briefing for reporters on Friday. He added that unilateral sanctions are only one of among many important tools Washington has. “We are continuing …
Read More »Rosneft’s 2020 Net Income down 79% as Pandemic Hits Energy Demand
Russian energy giant Rosneft on Friday reported an almost 80% fall in 2020 net income as the pandemic hit demand for fuel. Rosneft, in which BP owns a 19.75% stake, said its net income fell to 147 billion roubles, or $2.2 billion.
Read More »Russia’s TurkStream Link Continues to Redraw SE European Gas Map
The startup in 2020 of the 31.5 Bcm/year TurkStream pipeline triggered an unprecedented reshuffle in the way Russian gas reaches southeast Europe, and now with the start of flows via TurkStream’s onshore expansion, the picture is shifting once again. Like the Nord Stream and Nord Stream 2 pipeline projects, TurkStream …
Read More »Germany Considers Shutting Down Nord Stream-2 if Russia Stops Gas Transit through Ukraine
The German government is considering the possibility of establishing a mechanism which will allow shutting down the Nord Stream-2 gas pipeline if Russia reduces gas transit through Ukraine, reported German newspaper WirtschaftsWoche citing sources. According to the newspaper, Chancellor Angela Merkel and Foreign Minister Heiko Maas are not considering the …
Read More »Germany’s Merkel Stands by Backing for Russia Gas Pipeline
German Chancellor Angela Merkel on Friday stood by her backing for a German-Russian gas pipeline project despite the Navalny case and the threat of U.S. sanctions Merkel said her government’s position on Nord Stream 2 is still unaffected by tensions over Russian opposition leader Alexei Navalny who recovered in Germany …
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