Oil surges past $67 as OPEC keeps output squeeze
OPEC+ decided to keep a tight limit on oil production next month, sending prices soaring in a market that had been expecting additional supply.
Russia
OPEC+ members disparate on pledges to keep supply steady, study suggests
Most OPEC+ members increased oil exports in February despite pledges by the cartel to keep supply steady.
OPEC+ is poised to cool oil market with extra production
OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.
Russia to export more LNG to China
Russian gas independent Novatek is set to export more than 3 million tonnes per year (t/y) of LNG to China from the Arctic LNG 2 project as part of its latest deal with Shenergy Group.
Wintershall Dea losses top £1billion as Covid cuts oil and gas prices
Wintershall Dea of Germany saw losses widen to more than £1billion in 2020 as Covid-19 brought down commodity prices.
Trafigura got $7bn Russian loan for Arctic Oil Deal
Trafigura Group’s purchase of a stake in Rosneft PJSC’s flagship Arctic oil project was funded by a $7 billion loan organized by a Russian bank, according to documents that shed new light on the trading house’s biggest-ever deal.
Updated: Oil prices fall as OPEC+ extends talks to second day without decision
Oil dropped the most in two weeks with OPEC+ yet to resolve an impasse on whether to keep raising production at a time when the pandemic threatens demand.
Russia pushes ahead with Nord Stream 2 before US sanctions
Russia is stepping up work on the Nord Stream 2 pipeline before the US tightens sanctions against the controversial project designed to feed more natural gas into Germany.
Updated: Oil advances on Covid-19 vaccine optimism and US stimulus
Oil climbed as the UK is poised to grant regulatory approval to another Covid-19 vaccine and as the US passed its stimulus bill into law.
Russia favors further OPEC+ output hike in February
Russia intends to support a further increase in OPEC+ production at the group’s meeting next month, even as a new strain of the coronavirus raises concerns about demand, said officials familiar with the country’s oil policy.
Severstal balances domestic demand with international option
Russia will remain the heart of Severstal’s focus for the near term, but uncertainty around the timing of a contract with Gazprom has encouraged international growth.
Updated: Brent nears $50 as Opec+ agrees more moderate production increase
Brent crude neared $50 per barrel this morning after the Opec cartel and its allies agreed to a more gradual easing of production cuts next month.
OPEC+ heads to crucial talks seeking compromise on oil cuts
OPEC and its allies headed into a two-day meeting with ministers still seeking a compromise on proposals to delay a production boost, after failing to reach consensus in talks on Sunday night.
Russia and Saudi Arabia power risks OPEC+ break-up
Frustrated UAE representatives are sending subtle but strong signals that they may be the first in the OPEC+ oil producers group to break free and go it alone.
OPEC+ drops another hint it will delay production hike
OPEC+ said oil producing countries must be ready to act when the group gathers for its next full ministerial meeting in two weeks, the latest indication the cartel is preparing to delay a production increase.
Rosgeo completes first phase in Rio Muni
Russia’s state-owned Rosgeo has completed its first phase of work in Equatorial Guinea’s Rio Muni region.
Assessing energy merger and acquisition opportunities in a time of pandemic
Mergers and acquisitions have been slowed by the COVID-19 outbreak. But as companies embrace the energy transition opportunities will arise
Oil steady near $43 before OPEC+ meets to assess market
Oil was steady near $43 a barrel in London before an OPEC+ meeting to assess the state of the market as demand comes under pressure once again from a resurgent coronavirus.
Rosgeo launches Equatorial Guinea work
A team from Russia’s Rosgeo has arrived in Equatorial Guinea and begun geological mapping in the mainland Rio Muni area.
Petronas to stoke Chinese fury as Transocean drills in South China Sea
Analysts are expecting a backlash from Beijing as Malaysian national oil company (NOC) Petronas prepares to drill in gas-rich Block SK 316 in the South China Sea off the eastern Malaysian state of Sarawak.
OPEC+ urges members to keep to plan amid threats to oil recovery
OPEC+ emphasized the need to stick closely to its planned oil-production cuts to guard against the market recovery being undermined by a resurgence of the coronavirus.
Beijing rattles oil companies in South China Sea off Vietnam
Beijing has increased pressure on Hanoi thereby derailing yet another upstream project in the South China Sea.
US backs Libyan oil flows
The US has called for “all responsible parties” to allow the National Oil Corp. to go about its business.
Guns and oil do not mix, Libya’s NOC warns
Libya’s National Oil Corp. (NOC) has expressed concerns about increasing military presence at its facilities and the seizure of jet fuel at Zueitina.
Upbeat boss says Nucore ‘still has plenty on the go’
An Aberdeen-based engineering group is eyeing a boost from Russia’s Far East after Covid-19 left it “scrimping and saving”, its boss said.