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Tag Archives: Russia

IEA sees bear oil market as stocks balloon

LONDON – The world is awash with oil having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next year, the International Energy Agency (IEA) said on Friday. “Stockpiles of oil at a record 3 billion barrels are providing world markets with a degree of comfort,” the IEA ...

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OPEC, Russia oil battle heats up as Sweden buys Saudi crude

LONDON – The Saudi-Russian battle for Europe’s crude oil buyers intensified this week as Swedish refiner Preem bought its first cargo of Saudi Arabian crude oil in around two decades, trading sources said. The purchase from another traditional buyer of Russia’s Urals crude will heat up the contest for market share that Saudi Arabia has effectively brought to Russia’s backyard ...

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Cooperation with OPEC? No thank you, ex-Soviet producers say

MOSCOW/ASTANA/BAKU – Ex-Soviet oil producers, led by Russia, are not bowing to pressure to reduce output in order to lift global prices, leaving little chance of a deal when OPEC experts meet with producers outside the group on Wednesday. The ex-Soviet oil nations have the financial cushion to weather low prices and some of them, too, find it difficult to ...

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9-year-old injured in Russian Pipeline Fire (video)

An underwater oil pipeline was the cause of a giant oil slick fire in Moscow, Russia last week. Seriously, you have to see this video. The state-owned oil pipeline company Transneft initially confirmed its pipeline was involved in the unfortunate spill. But once the blaze was under control and the pipeline could be analyzed, no damage could be found, according ...

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Russia’s Putin, Venezuela’s Maduro to discuss oil price stabilization – Kremlin

MOSCOW – Russian President Vladimir Putin and his Venezuelan counterpart Nicolas Maduro will discuss “possible mutual steps” to stabilize global oil prices during a visit to China this week, a Kremlin aide said on Monday. Putin and Maduro will attend a military parade in Beijing marking 70 years since the end of World War Two in Asia. Kremlin aide Yury ...

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