Russia – Page 7 – Oil & Gas 360

bp interim CEO denies U.S. shale acquisition claims, defends focus on energy transition

October 31, 2023

World Oil (Bloomberg) – bp Plc’s temporary boss gave a robust defense of the company’s strategy, batting away suggestions that he needs to follow the big oil deals done by U.S. competitors Exxon Mobil Corp. and Chevron Corp. “We’re focused really on transition” to net zero emissions, Interim Chief Executive Officer Murray Auchincloss said on Tuesday. bp’s growth engines will be clean

Halliburton profit beats as higher global drilling offsets weak N.America

October 24, 2023

Yahoo Finance Halliburton’s third-quarter profit beat market expectations on Tuesday as higher international drilling and equipment demand helped overcome weakness in North America. The increased demand comes as oil and gas companies reinvest their record profits from the market disruption caused by Russia’s invasion of Ukraine to intensify the hunt for new offshore and international sources. “Looking ahead expect to see

U.S. imposes first sanctions for Russian oil price cap violations

October 13, 2023

World Oil (Bloomberg) – The U.S. imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven nearly a year ago, as signs mount the restriction is failing to cut Kremlin revenues as hoped. The Treasury Department called the steps a new phase in the enforcement of a policy aimed at limit

Saudi, Russia supply cuts disrupt oil, US dollar relation

October 10, 2023

Nasdaq LONDON – Saudi Arabia and Russia’s crude supply cuts in tandem with U.S. interest rate rises have disrupted oil’s tendency to move in the opposite direction to the U.S. dollar, although analysts say the darkening economic outlook will eventually restore the equation. A strong dollar typically weighs on oil prices as it makes the commodity more expensive for holders

Russia diesel ban jolts crude premiums ahead of winter

October 6, 2023

Yahoo Finance LONDON – Premiums for the type of crude oil best suited to producing diesel, heating oil and jet fuel have risen sharply as the Northern hemisphere heads into winter amid a global supply crunch, several traders told Reuters. Oil markets are tight as OPEC and its allies restrict supplies. Saudi Arabia and Russia have curbed output by

Putin orders regulated prices for fuel oil, Russia’s export ban stays

October 5, 2023

Nasdaq MOSCOW – Russian President Vladimir Putin has ordered the government to provide state funds to ensure a smooth heating season, including the introduction of regulated prices for fuel oil supplied for household heating in some regions, the Kremlin said on Thursday. Russia has been tackling shortages and high fuel prices in recent month. Fuel oil is in high demand

OPEC leaders Saudi Arabia, Russia to stick with 1 MMbpd oil production cut until end of year

October 4, 2023

World Oil (Bloomberg) – Saudi Arabia and Russia reaffirmed that they will stick with oil production curbs of more than 1 MMbpd until the end of the year as a rally in prices falters. The leaders of the OPEC+ coalition announced the plans in separate official statements on Wednesday. Riyadh has slashed crude oil production by 1 MMbpd, and Moscow

Russian gas giant Gazprom claims Europe’s energy system is unstable

October 3, 2023

Oil Price The European energy system is currently unstable and could face challenges and shortages, according to Russia’s state-controlled gas giant Gazprom, whose deliveries to Europe have slumped since the Russian invasion of Ukraine. “The fact that the systemic deficit has not gone away is manifested not only by the higher price level in 2023 compared to the pre-Covid

Oil prices rise as Russia fuel export ban stokes supply concerns

September 22, 2023

CNBC Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates. Brent futures were up 80 cents, or 0.86%, at $94.10 a barrel by 1154 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by 95 cents, or 1.06%, to $90.58 a barrel. Brent

Oil rebounds to climb $1 as Russia bans most fuel exports

September 21, 2023

Yahoo Finance (Bloomberg) — Oil resumed its breakneck rally on Thursday after Russia banned gasoline and diesel exports, further tightening an already stressed global fuel market. The measures, designed to stabilize Russia’s domestic fuel prices, will remove supplies from the global diesel market at a time when refiners are struggling to meet demand. So far this year, Russia was the world’s

OPEC production cuts curb Russian crude development, oil CEO says

August 30, 2023

World Oil (Bloomberg) – Rosneft PJSC Chief Executive Officer Igor Sechin said Russia’s intermittent oil production cuts are curbing the development of the nation’s biggest crude producer. “Rosneft has been limiting crude oil production in one way or another since 2017, which prevents the company from fully unleashing its potential,” Sechin said in a statement on Wednesday following the release of

Russia on course to drill record number of oil wells despite sanctions and cuts

July 31, 2023

Oil Price Russian oil producers accelerated the drilling of production wells in the first half of this year despite the Western sanctions and Moscow’s pledge to reduce output by the end of the year and cut exports in August, data seen by Bloomberg showed on Monday. Russian exploration and production companies drilled more overall length of production wells in the first

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