Category Archives: Russian oil production

Putin Says Russia Ready to Join OPEC Effort to Limit Oil Supply – Bloomberg

Russia, the world’s largest energy exporter, is ready to join OPEC in limiting oil production with either a freeze or a cut, said President Vladimir Putin.“Russia is ready to join in joint measures to limit output and calls on other oil exporters to do the same,” Putin said on Monday at the World Energy Congress in Istanbul. “In the current situation, we think that a freeze or even a cut in oil production is probably the only proper decision to preserve stability in the global energy market.”

Source: Putin Says Russia Ready to Join OPEC Effort to Limit Oil Supply – Bloomberg

Saudi Arabia, Iran, Russia Head Towards Showdown In November

The OPEC meeting held at the International Energy Forum in Algeria lasted over four hours and resulted in a face-saving “understanding” that pushed the hard choices off until November. This is probably enough to fend off falling prices because it will partially appease speculators. Meanwhile OPEC countries have not officially committed to anything but have laid the platform for a potential deal.

Source: Saudi Arabia, Iran, Russia Head Towards Showdown In November

OPEC Delegates Say No Plan for Meeting After Russia Floats Talks – Bloomberg Business

OPEC delegates said there were no plans to hold talks to cut production after Russia’s energy minister said his country was willing to meet with the group next month to coordinate output policy. Alexander Novak said in St. Petersburg that Russia would be willing to discuss output levels with the Organization of Petroleum Exporting Countries, Interfax reported on Thursday. Four OPEC delegates said they had not heard yet of any plans for talks. The group’s next scheduled meeting is in June.

Source: OPEC Delegates Say No Plan for Meeting After Russia Floats Talks – Bloomberg Business

Rosneft Doubling Down To Survive Oil Price Storm

Oil prices are now looking to fall even further. WTI is trading below $41 per barrel and has already breached the six-year lows.With persistent oversupply in global markets (along with Iran’s upcoming reentry to the market) coupled with the economic slowdown in China and Japan, the bearish trend in the oil markets might persist in coming months.In fact, some market analysts and traders are even predicting oil prices will fall to $30 per barrel.The sustained oil price fall since last year has adversely affected global drilling activity, but there is one company that is largely unaffected by this, as it feverishly pursues its drilling activities. Russia’s Rosneft, the world’s biggest oil company (by trading volumes), has actually increased its drilling activities during the last seven months.

via Rosneft Doubling Down To Survive Oil Price Storm | OilPrice.com.

Russian oil output hits post-Soviet high – IBT

Russia’s oil output has reached a post-Soviet high after it averaged 10.58 million barrels of oil per day in 2014.Oil output rose by 0.7% in the year, according to data from the Energy Ministry. The increase in production was bolstered for the most part by small producers, many of which are private companies, and which collectively increased output by 11% to just over one million barrels of oil per day.Oil and gas production account for about half of Russian’s budget, and  make up around two thirds of the country’s overall exports. Russia’s state-run oil giant Rosneft produces more oil than Opec members Iraq or Iran. However Rosneft saw its output fall 0.7%, amid problems at its West Siberian oilfields.The price of crude oil has slid dramatically in latter half of 2014 – a corollary of increased shale exploration in the US, which became an exporter again for the first time in decades.Crude oil reached a daily closing price of $110.53 on September 6, 2013, and fell to a current level of $53.64 as of December 30, 2014.

via Russian oil output hits post-Soviet high.