Tag Archives: Russia

Iran’s Ambassador to Russia Kazem Jalali has described the Iran-Russia gas transfer as a win-win deal. In an interview with IRNA which was published on Sunday, Jalali said that the landmark project will benefit both sides. In the past, there were some speculations that Tehran and Moscow were rivals when …

Russia’s oil industry has slowed drilling activity this year from the record highs seen in 2023, as Moscow is limiting production as part of the OPEC+ deal and working to boost its compliance rate. In the first half of 2024, rigs employed by Russian oil companies drilled a total of …

India’s imports of Iraqi crude oil plummeted in June to their lowest level since September 2020, industry data revealed this weekend. Indian refineries have been scaling back purchases from traditional Middle Eastern suppliers that raised prices earlier this year, the data showed. “Part of the reason is that they (Iraq) …

Russia said today that there was no friction with OPEC+ due to Moscow exceeding crude production quotas and that the world’s second largest oil exporter would compensate for its overpumping, Reuters reports. Russia yesterday unexpectedly announced that its crude oil production in June exceeded quotas set by the OPEC+ group …

Russia, Iraq, and Kazakhstan have submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative …

Europe still contends with China for the title of top buyer of Gazprom PJSC’s pipeline gas, more than two years after Russia’s invasion of Ukraine slashed its western energy sales. This situation reflects both the Kremlin’s successes and failures. Even after many rounds of international sanctions, Russia still supplies substantial …

U.S. sanctions have proven successful in suspending production at Arctic LNG 2 and delaying the expansion of the project, according to a U.S. State Department official. “Putin hoped to ramp up output from Arctic LNG 2 during the first quarter of 2024 but has been unable to load even one …

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to …

Russia plans to make extra crude production cuts to compensate for pumping above its OPEC+ quota in the warm seasons of this year and next, according to people with knowledge of the matter. Moscow’s additional curbs will most likely happen in summer and early fall for technological reasons, said the …

The Arctic LNG 2 project in Russia, which Western sanctions have hit in recent months, significantly reduced its production of natural gas in May as it hasn’t exported any LNG yet, a source with knowledge of output data told Reuters on Tuesday. Arctic LNG 2, in which Russian gas producer …