A decision on cutting oil production is possible only if all crude exporting nations are in consensus, and there is no timing for talks yet, Russia’s Energy Minister Alexander Novak said in an interview.
With oil trading near $30 a barrel, calls for orchestrated output cuts to quell global oversupply have intensified this week. Trouble is, none of the world’s largest producers, most notably Russia and Saudi Arabia, have shown they’re ready to make a move.
Deputy Prime Minister Arkady Dvorkovich does not rule out that Russia's oil production may decline if oil prices keep low on the global market.
Russia’s economy shrank 3.7% in 2015, the worst drop since the depths of the global financial crisis, as the country struggled with a drop in the price of its oil exports and international sanctions, the state statistics service said.
The head of Ukraine's competition authority said it has decided to fine Gazprom $3.5billion for abusing its monopoly on the Ukrainian gas market.
Russia's Gazprom said this week production at its Iraqi Badra oilfield reached 85,000 barrels per day (bpd).
JKX Oil & Gas has received backing from corporate governance specialist ISS in rejecting all resolutions proposed by Proxima Capital Group which is accused of trying to "seize control" of the company.
The global drop in oil price has impacted on the fortunes of some of Russia’s best known businessmen.
The Russian Energy Minister Alexander Novak has said coordinated oil production cuts with OPEC to help support falling oil prices would be unlikely. The politician said he felt it was unlikely all countries within OPEC would be able to agree on how to prop up prices.
Gazprom swung to a small net loss in the third quarter of last year as a loss on foreign exchange weakened the ruble.
The energy sector has been served a wake up call on how vulnerable the industry is to cyber attack after hackers shut managed to cut off 80,000 Ukranian electricity customers.
Russia’s Energy Minister has said an oil price of $50 next year would be “fair”.
Rosneft has signed an MOU (Memorandum of Understanding) with Oil India and Indian Oil Corp.
Former Russian Finance Minister and investor favorite Alexei Kudrin is in talks with Vladimir Putin and other top officials about returning to a senior post to help deal with worsening economic troubles, according to three people familiar with the discussions. Kudrin has met privately with the Russian president and Prime Minister Dmitry Medvedev as recently as last week to discuss the plans, though no formal offer has yet been made, the people said. The talks are the most advanced since Kudrin, widely respected by investors for his fiscal discipline and commitment to market reforms, quit as finance minister in 2011, the people said. A decision could come early next year, they said.
Russia’s government plans to spend $275million as it looks to support its car industry in the first half of 2016. Industry and Trade Minister Denis Manturov said the government was looking to extend measures in place since car sales were hit by a sharp drop in the rouble and an economic slowdown.
Trading house Gunvor has struck a deal to sell its last asset in Russia, according to reports. The company plans to get rid of a 50% stake in the Novorossiisk fuel oil terminal to a subsidiary of Kremlin-controlled Transneft.
Russia’s biggest banker has warned oil prices could fall further.
Russia has released dramatic images of ISIS targets being destroyed by its air force in Syria. Footage and images were released by the Russian Ministry of Defence which showed positions, including tanker trucks, being targeted.
Two men working for Gazprom have reportedly been killed by reindeer herdsman in Russia.
An international arrest warrant has been issued by Russia for a former oil tycoon accused of ordering the killing of a politician.
Gazprom Neft has signed a three-year memorandum of understanding with China’s CNPC.
Russian oil companies have been refocusing their international positions through the acquisition of exploration and production assets away from the country. Analysis from the research and consulting firm GlobalData has found countries in the Americas have been providing a number of potential partnerships in the long term.
Rosneft has completed a seismic first as part of its geological exploration programme.
Russia's Deputy Finance Minister Maxim Oreshkin said on Friday that the ministry saw the oil price trading around $40 to $60 a barrel for the next seven years. International prices for oil, Russia's chief export, have plunged over the year and a half, adding to the pressure on its finances from international sanctions over its part in the crisis in Ukraine.
Russia’s defence minister said its military had launched the strikes in Syria for the first time from a submarine stationed in the Mediterranean. The move was made as the country continues to target oil hotspots being used by Islamic State as it looks to profit from crude oil in the region.