Digest

Oil producers are facing their worst crisis in history, but the market is not at a bottom yet, according to several analysts. The millions of barrels of additional supply promised by Saudi Arabia will take time to reach their destination. On the demand side, major economies have only begun ...

The price confrontation between Russia and Saudi Arabia in the oil market, which began after the collapse of the OPEC+ agreement, may drag on for a long time. Both countries are able to survive even at prices well below $30 per barrel, according to experts interviewed by TASS. If the situation ...

The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil Plc pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process. Some international oil companies operating in Mexico are waiting for Talos Energy Inc. , the ...

Moscow. New tax benefits for investors in the Arctic are aimed mostly at big mining companies. Benefits for new investors will favor development of small and medium businesses in the Arctic and improvement of infrastructures, experts and representatives of the Arctic regions told TASS. ...

The enterprises of the TATNEFT Group of Companies produced 2, 526 thousand tonnes of crude oil in December 2019, while the production volume for twelve months amounted to 29, 798 thousand tonnes, which was 264 thousand tonnes more than during the similar period in 2018. PJSC TATNEFT’s ...

Following the strategic partnership Tehran inked with Beijing earlier this year, China has moved to ramp up oil production in Iran’s prolific West Karoun area. The supergiant Azadegan oil field, comprising major north and south sites, is as important to Iran’s overall strategic ...

According to preliminary estimates, oil production in Russia in 2019 will suprass last year's rates and will reach 556-560 million tonnes, Russian Energy Minister Alexander Novak said in an article published in the Energeticheskaya Politika (Energy Policy) magazine. "Despite ...

Both the US and China are vying for influence in Iraq, and most importantly, to gain control over giant oil fields such as the Qurna-1 field that’s just 50 kilometres away from oil hub Basrah. Ever since the US signalled through its effective withdrawal from Syria that it now has ...

Abu Dhabi. Russian oil major Lukoil is not considering buying shares in Saudi Aramco as part of the Saudi company’s IPO, head of the Russian company, Vagit Alekperov, told reporters on the sidelines of the ADIPEC oil and gas conference in Abu Dhabi. "We are not considering it ...

California Governor Gavin Newsom called a widespread electricity shutdown triggered by a power company to prevent wildfires “unacceptable, ” saying on Thursday it resulted from years of mismanagement by the utility. Pacific Gas and Electric Co (PG&E) has imposed unprecedented ...

Earlier, Saudi Aramco’s CEO said that last month’s attacks on the country’s oil facilities had galvanised the company to quickly rebuild and to come out of the incident “stronger than ever. ” Saudi Aramco Chief Executive Officer Amin Nasser has announced the time ...

U. S. oil company Chevron Corp (CVX. N) is turning to joint ventures and drilling alliances in its bid to dominate the Permian Basin after abandoning a takeover that would have made it the leading producer in the world’s biggest shale field. It is now in a race with Exxon Mobil (XOM. N) ...

The Russian Arctic National Park registered a record high number of visitors over the summer season in 2019. According to the park’s Director Alexander Kirilov, the park welcomed 1, 306 visitors in 2019, against 1, 079 a year earlier. "The tourist season in 2019 is over at the ...

This year, Russia provided record supplies of gas to the European market to meet the region’s growing demand. But some nations, particularly the US, Poland and the Baltic states, still insist Europe can do without Russian energy. Here are the key Russian pipelines supplying oil and ...

Saudi Arabia’s ability to avert a global oil supply crunch will only become clear in a few weeks, because for now its crude held in storage can fill the gap and mask the scale of damage to its facilities, traders and analysts say. Riyadh says production will be back to normal levels in ...

Houthi drone attacks on two major Saudi Aramco facilities, including the largest crude stabilisation plant in the world, have sparked concerns over the attacks’ impact on global oil prices, with the oil-rich country confirming that about half of its production, accounting for about 6 ...

Deeper oil-production cuts aren’t on the agenda as OPEC+ ministers gather in Abu Dhabi, but there’s growing concern about the strength of fuel demand as the global economy slows. Crude has lurked in the low $60s for most of the summer as escalating tensions between the U. S. and ...

Melbourne. With a giant gas project expansion in the tropical highlands of remote Papua New Guinea bogged down by politics, the country’s biggest company, Oil Search (OSH. AX), is turning for growth to the other side of the world in Alaska’s frozen wilderness. Australia-listed ...