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News // Middle East and OPEC

OPEC downgrades outlook for Russia’s 2017 oil output

OPEC has revised its outlook for oil production in Russia in 2017 downwards by 117,000 barrels per day.

15 June 2017 , 12:11Neftegaz.RU2750

Russia has become a de facto member of OPEC in all but name

It is something of an unholy alliance, but Russia and Saudi Arabia are becoming ever closer allies in a graphic example of realpolitik.

07 June 2017 , 16:11Stuart BurnsNeftegaz.RU2510

Kazakhstan boosts production despite OPEC pledge

Kazakhstan’s energy officials are continuing to officially confirm to the public what is already widely known by now - that they have no intention to stick by pledges on oil output curbs.

05 June 2017 , 00:34EurasianetNeftegaz.RU1940

OPEC decided to extend cuts in oil output by 9 months to March 2018

One OPEC delegate at the meeting in Vienna said the group of 14 oil producers had agreed to extend cuts in production by 9 months to March 2018.

25 May 2017 , 16:17Neftegaz.RU2830

Rosneft begins planning for post-OPEC-cut oil markets

Rosneft has begun strategic planning for post-OPEC cut oil markets, according to the state-owned oil giant’s CEO Igor Sechin.

19 May 2017 , 16:15Zainab CalcuttawalaNeftegaz.RU3210

Putin and Maduro discuss oil markets as support for output cut extension grows

Putin and Maduro discussed the global oil markets situation in a telephone call at Venezuela’s initiative.

19 May 2017 , 14:12Tsvetana ParaskovaNeftegaz.RU3170

Saudi Arabia and Russia agree to extend deal to cut oil output

Saudi Arabia and Russia have agreed to extend the Opec and non-Opec oil output reduction deal for another 9 months.

15 May 2017 , 17:27Neftegaz.RU2490

Novak: Extension of oil output reduction pact likely for 6 months or more

An agreement on oil output cuts reached by major oil-producing countries is likely to be extended for another 6 months or even longer,  Novak said.

15 May 2017 , 13:00Neftegaz.RU2620

Saudis to boost oil export capacity to 15 mln bpd in 2018

Saudi Aramco will be launching in 2018 the revamped Muajjiz oil terminal on the Red Sea that would raise the Kingdom’s oil loading and export capacity to 15 mln bpd.

02 May 2017 , 14:16Tsvetana ParaskovaNeftegaz.RU2530

Russia hits 100% compliance with OPEC cut

Russia has effectively reached its 300,000-bpd production cut target under its agreement with OPEC.

02 May 2017 , 12:11Neftegaz.RU3100

Will oil prices rise or fall? Look toward Russia for the answer

There is only one thing standing in the way of higher oil prices, and it is not U.S. shale companies. The only obstacle standing in the way of higher oil prices today is Russia.

01 May 2017 , 00:01Thomas H. KeeNeftegaz.RU3520

OPEC tells Russia of next production meeting

OPEC's secretary general confirmed to Russian media that members of a committee reviewing an oil production deal are preparing for meetings in May.

19 April 2017 , 16:24Neftegaz.RU3360

Russia to reach record high oil output in 2017 amid cuts

Russia's oil production will reach a record high of 549 million tons in 2017 despite a planned output reduction.

13 April 2017 , 12:12Neftegaz.RU4500

Oil prices set for strong week after Russia comments, US strike

Oil prices closed higher on April 7 for the 2nd week in a row — and the coming 7 days could be another good period of growth.

10 April 2017 , 13:00Neftegaz.RU3320

Are Gulf oil producers falling into the «Venezuela Trap«?

Oman has struck a deal with several banks for a $4 bln loan to be repaid in future oil deliveries. Abu Dhabi signed a contract with Vitol to supply it with over half a million tons of liquefied petroleum gas annually over the next decade in exchange for an upfront payment. Other Middle Eastern producers are also considering oil-for-loan schemes, desperate for cash as oil prices stubbornly refuse to go up to the levels they need.

03 April 2017 , 00:03Irina SlavNeftegaz.RU3190

Russia reaches 2/3 of oil output cut target

Russia has cut crude oil production by 200,000 barrels daily, Energy Minister Alexander Novak said.

31 March 2017 , 14:16Irina SlavNeftegaz.RU4020

Non-OPEC cutback participant Russia sees oil at $40/bbl heading into 2018

Russia said that it sees Urals at an average of $50 per barrel this year, but falling to $40 at the end of 2017 and staying near that level until 2019.

27 March 2017 , 17:39Neftegaz.RU5390

Lukoil calls for more oil cuts

Vagit Alekperov is encouraging OPEC and non-OPEC countries to extend their oil production cuts to help prop prices.

17 March 2017 , 10:11Neftegaz.RU4340

OPEC’s Barkindo: Russia doing a good job on production cuts

OPEC Secretary General Mohammad Barkindo has praised Russia’s commitment to the oil production cuts.

10 March 2017 , 12:14Neftegaz.RU4460

Saudi/Russian vow to fortify oil cutbacks undercut by Iraq promising production hike to 5 mln bpd

Saudi Arabia and Russia presented a united front on compliance - only to have the rug pulled out from under them by Iraq boasting that it will be able to produce 5 mln barrels per day (bpd) by the 2nd half of this year.

09 March 2017 , 18:00Neftegaz.RU4240

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