NEWS
Oil  

Novak: Russia Complying With Deal to Cut Oil Output

Russia is complying fully with its pledge to cut oil production gradually, Energy Minister Alexander Novak said on Monday.

He said Russian oil production decreased by 47,000 barrels per day in January from October, the baseline for the global deal aimed at reducing oil supply, Reuters reported.

“Russia is completely fulfilling its obligations in line with earlier announced plans to gradually cut production by May this year,” Novak said.

The pace of Russia’s output cuts has drawn criticism from Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries.

According to Energy Ministry data, Russia cut its output in January by around 35,000 bpd from October to 11.38 million bpd.

OPEC and other global oil producers agreed in December to cut their combined output by 1.2 million bpd in order to support oil prices and try to balance the market.

Of that, Russia pledged to cut its production by around 230,000 bpd in the first quarter.

News No: 3570
Date: 2019/02/06 - 08:09
News Source: Financial Tribune

Russia  Oil  Alexander Novak  Saudi Arabia 

Comments:

Leave a Comment:

   
   
   
 

China takes less Russian coal

Chinese imports of Russian thermal coal decreased last year as the country switched to lower-priced material from elsewhere, primarily Indonesia.
 

Iran Self-Sufficient in Gasoline Production: Oil Minister

Iranian Oil Minister Bijan Zangeneh said the country has reached self-sufficiency in producing gasoline.
 

Iran Exports to Russia Grow 36%

Iran exported $533 million worth of commodities to Russia in 2018, which registered a growth of 36% compared to the preceding year.
 

Oil Market Forecasters Bearish on 2019

The three most closely watched oil market forecasters are all bracing for a significant upsurge in non-OPEC supply growth in 2019 but differ on the extent that global oil supply will outweigh demand.
 

India Advises Refiner to Avoid US System for Venezuela Crude Purchase

India has asked one buyer of Venezuelan oil to consider paying the South American nation’s national oil company PDVSA in a way that avoids the US financial system, an Indian government source said, after Washington imposed fresh sanctions on Venezuela last month.
 

Brent Briefly Touches $65

Brent crude oil briefly reached 2019 highs above $65 per barrel on Friday, as OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners