Tag: OPEC

No plans to create new Russia-OPEC alliance

No plans to create new Russia-OPEC alliance

The Kremlin stated on Tuesday there are no substantial ongoing talks with regards to forming an alliance between Russia and OPEC. In December Russian Energy Minister Alexander Novak said it was un likely that OPEC and other oil producers would establish a joint structure as a result of the increased […]

House committee support NOPEC bill

House committee support NOPEC bill

A House of Representatives committee has approved a bill that will make OPEC members accountable to US antitrust legislation. If passed into law, the No Oil Producing and Exporting Cartels Act (or NOPEC as it is also known as) would allow the US attorney general to sue separate members of […]

Russian output down, but misses January target

Russian output down, but misses January target

Russia’s oil production fell by 35,000 barrels per day from October 2018 levels to 11.38 million bpd, down from 11.45 million bpd in December, although missed its global deal commitments. Russian Energy Minister Alexander Novak said Russia’s total cuts would amount to 50,000 bpd between October 2018 and January of […]

Russia’s production cut must be gradual

Russia’s production cut must be gradual

Russian Energy Minister Alexander Novak has said weather and geological conditions mean the country cannot reduce its oil output too quickly, as he reiterated Moscow’s commitment to the new OPEC+ deal. Last week, Khalid al-Falih, the energy minister of Saudi Arabia and a key figure of OPEC, said Russia were […]

Oil surges with support from OPEC cuts

Oil surges with support from OPEC cuts

The FTSE 100 took a turn for the worse at 6,809.72 as shares in UK energy giant Centrica plummeted 4.77pc, after Jefferies lower its stance on the British Gas owner, pointing to dividend risk. Brent crude climbed 2.42pc at $58.44, achieving its biggest week-on-week gain in two years, with support […]

Libya oil revenue reaches $24.4 billion in 2018

Libya oil revenue reaches $24.4 billion in 2018

Libya’s oil revenue has risen to $24.4 billion in 2018, according to a statement from the country’s National Oil Corporation (NOC). The statement also said NOC had recorded an average of 1.107 million barrels per day last year, up 78% from that of 2017. This comes as OPEC introduce cuts […]

Oil sees first yearly loss since 2015

Oil sees first yearly loss since 2015

Oil prices ended last year with full-year losses for the first time since 2015 after a chaotic fourth quarter, which saw investors flee the market due to concerns over a supply glut and mix signals over US sanctions on Iran. Over the year, US West Texas Intermediate Crude (WTI) future […]

Russian production reaches record high

Russian production reaches record high

Russia’s oil production hit a post-Soviet record high of 11.6 million barrels per day in 2018, according to data from the country’s energy ministry. Last year’s output exceeded the previous annual record average of 10.98 million bpd, which was set in 2017, and comes after all Russian majors saw an […]