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Tag Archives: Russia

Forget price drops, forget job cuts — America is still number 1

Despite the current low oil prices and horrific job cuts ravishing the energy industry, America is still booming. According to estimates released Tuesday from the U.S. Energy Information Administration, the United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2014. U.S. hydrocarbon production continues to exceed Russia and Saudi Arabia, which are the second and ...

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Russia could postpone gas pipe to China touted by Putin

MOSCOW – Russia may postpone completion of a huge pipeline to bring gas from two new fields to China, three sources with direct knowledge of the plans of export firm Gazprom said, delaying one of President Vladimir Putin’s signature projects. The sources, speaking on condition of anonymity, said the “Power of Siberia” project may be put off until Moscow completes ...

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OPEC, non-OPEC oil talks on ice, Iran return unlikely to change that

LONDON – OPEC efforts to bring non-member countries such as Russia on aboard in cutting output have made little progress, officials say, and even the chance of more Iranian exports hitting prices if sanctions end is unlikely to boost cooperation. Since the oil price collapse, top OPEC exporter Saudi Arabia has said it wanted non-OPEC producers to cooperate with the ...

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Russian energy minister to discuss cooperation with Exxon CEO

MOSCOW – Russian Energy Minister Alexander Novak plans to discuss energy cooperation with the CEO of U.S. oil and gas major ExxonMobil, Rex Tillerson, at their meeting later on Wednesday. Novak also told reporters both planned to discuss the Exxon-led Sakhalin-1 project, which produces over 100,000 barrels of oil per day. The Kommersant daily reported on Wednesday that Exxon had ...

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EU energy chief voices concern over Russia’s Turkish pipeline plan

ANKARA – Any decision to build a pipeline to transport Russian gas through Turkey should be made in consultation with the European Union and should not breach pre-existing legal commitments, the European Commission’s energy chief said. Russia in December abandoned its $40 billion South Stream project after objections from the EU over potential excessive Russian control of European gas supplies ...

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Shale oil to dominate Russia-OPEC talks in June

MOSCOW – Russia said on Wednesday it would meet OPEC in June to discuss the impact of shale oil on global markets, just days before the producers’ group decides whether its policy of high production is sufficient to stifle the U.S. energy boom. The comment, from Russian Energy Minister Alexander Novak, comes as Saudi Arabia has said in recent weeks ...

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Saudi Arabia expects oil price to stabilize


BERLIN – Saudi Arabia’s oil minister said on Wednesday he expected oil prices, which hit a near six-year low in January, to stabilize, signaling cautious optimistism about the market outlook. Giving a speech in the German capital, Ali al-Naimi also urged non-OPEC producers to help balance the oil market, saying it was not up to Saudi Arabia to subsidize higher-cost ...

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BP ex-chief Browne to run Russian oligarchs’ oil venture

LONDON – John Browne, the former chief executive of BP, will take charge of a $10 billion oil and gas venture backed by Russian billionaire Mikhail Fridman to help it expand internationally through partnerships and acquisitions, the Financial Times reported. Browne told the newspaper he will be appointed executive chairman of L1 Energy on Monday, giving up his jobs at ...

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