Oil & Gas

Kremlin offers oil giants $8bn as Russians Struggle


Vladimir Putin’s poll ratings are down after a tax hike squeezed cash-strapped consumers. But the Kremlin has opened the coffers to give as much as $8 billion this year to another key constituency: oil companies awash in record profits.


Russia, the US and the prospect of cooperation on gas supply


Few know the content of this month’s maiden powwow between US President Trump and Russian President Vladimir Putin. Yet given Trump’s suggestion that the US is open for business in Europe regarding natural gas, it would be odd if the Russian leader hadn’t brought up the subject of his country’s standing as one of the region’s main suppliers.

Market info

No rescue for Russia from $50 oil as minister sees prices stuck


Russia’s economy minister warned that the nation is facing years of oil prices at about $50 as a sluggish global economy ushers in a long cycle of low commodities prices. The world’s largest energy exporter must continue financial support for non-commodities exports to buoy the nation’s shrinking economy, Alexei Ulyukayev told a conference Wednesday in Moscow. Measures to help growth by encouraging local food production are starting to pay off, according to First Deputy Prime Minister Igor Shuvalov. “We have entered a period of low prices for commodities, a long commodities cycle that’s ongoing and that will continue for a number of years,” Ulyukayev said. “I don’t see any sharp slumps but, relatively speaking, the oil price will be $50, $50 plus for years.”

Oil & Gas

Russian oil output reaches post-Soviet record in September


Russian oil output rose to a post-Soviet record last month as producers take advantage of the weak ruble to push ahead with drilling. The nation’s production of crude and condensate advanced to 10.74 million barrels a day, 1 percent more than a year earlier and topping a record set in June, according to data from the Energy Ministry’s CDU-TEK unit.

Other News

Russia braces for global asset fight over Yukos after seizures


Russia is bracing for more foreign asset seizures over the defunct Yukos Oil Co. after France and Belgium began enforcing a $50 billion damages award, a Kremlin adviser said. France arrested insignificant funds in accounts of Russian companies and diplomatic missions at the local subsidiary of OAO VTB Bank, Economy Minister Alexei Ulyukayev said Thursday. Belgium earlier served Russian state-owned lenders and entities with seizure notices as part of a 1.65 billion-euro ($1.9 billion) court ruling, ordering them to declare assets belonging to the Russian state or debts to it.