Economy: page 59

Tehran. Iranian experts have discovered a new oil block in the Northern province of Semnan. The source FNA told. "Based on the studies and seismological tests in the Central Kavir (Desert) of Iran, we have found a new oil block named Kavir (Southwest of Semnan), " the source told ...

Singapore. A strong start to the summer driving season in the United States supported U. S. crude prices on Tuesday, but persistent concerns about oversupply continued to fester. U. S. West Texas Intermediate (WTI) crude futures CLc1 climbed above $50 per barrel early on Tuesday, before ...

Baku. At least $20-25 billion of investment is needed for projects to avoid pressure drop at the South Pars gas field, Mohammad Meshkinfam. Managing director of South Pars Oil and Gas Company (POGC), said. The design of a project to maintain the pressure at the field is at last stages, ...

Buenos Aires. Bolivia and Russia’s major producer of natural gas, OAO Gazprom, plan to sign new agreements on exploration of deposits as they hold talks on the sidelines of the St Petersburg International Economic Forum in the first days of June. The Bolivian Minister of Hydrocarbons and ...

Singapore. Oil prices fell on Monday as a relentless rise in U. S. drilling undermined an OPEC-led push to tighten supply. Trading activity will be subdued on Monday due to public holidays in China, the United States and Britain. Brent crude futures were trading down 15 cents, or 0. 3 ...

Moscow. The main gas reserves will be associated with the Yamal peninsular in the nearest 20-30 years, according to Pavel Zavalny, the chairman for the State Duma Committee on Energy. “At the moment the major gas reserves of Russia are located in the Tyumen region. During the last 30 ...

Vienna. The Energy Ministry will cut the forecast for Russia’s oil output in 2017 by 4 million tonnes to 547 million tonnes after OPEC and non-OPEC countries agreed to prolong their oil production cut deal for nine months. Minister Alexander Novak told reporters late on Thursday. In ...

Moscow. OPEC members agreed to extend oil production cuts for nine more months after a 2016 agreement failed to eliminate the global oversupply or achieve a sustained price recovery. Bloomberg reported on Thursday. OPEC states agreed to reduce production by 1. 2 million barrels daily to 32. ...

Moscow. ​LUKOIL completes the sale of its 100% stake in JSC "ARKHANGELSKGEOLDOBYCHA" to LLC "Otkritie Industrial Investments" (Otkritie Group). This was stated LUKOIL. The amount of the transaction totaled $1. 45 bln paid in Russian rubles. ...

Tyumen. Russia has lowered chances to dispose of oil dependence over the last 17 years, according to Consul General of Germany in Ekaterinburg Stefan Keil who made this statement at the Innovation Week in Tyumen. "Russian economy failed to break free from the oil dependence. These ...

Sankt-Petersburg. Gazprom Neft achieved a record quarterly net income of RUB 62 bn. This was stated Gazprom Neft. Revenue, including duties (sales), grew by 28% to RUB 468. 6 bn as a result of higher hydrocarbon production volumes and increased prices for oil and petroleum products in the ...

Baku. Turkmenistan is establishing strategic partnership in the energy sector with various countries by expanding it in the European, Asian, Far Eastern and South-Western directions. Turkmen President Gurbanguly Berdimuhamedov said. President Berdimuhamedov made the remarks while addressing ...

Moscow. Representatives of OPEC and non-OPEC nations will discuss the extension of the agreement on oil production cut for six and nine months with the current quota at the meeting in Vienna on May 25. Ecuadorean Oil Minister Carlos Perez said Tuesday. "Both proposals are on the table ...

London. Oil prices were stable on Wednesday, supported by confidence that an OPEC-led output cut aimed at tightening supply would be extended to all of 2017 and the first quarter of next year. Brent crude futures rose to $54. 18 per barrel at 0450 GMT, up 3 cents from their last close. U. ...

London. Oil prices fell on Tuesday after U. S. President Donald Trump proposed the sale of half the country's strategic oil reserves, even as producer club OPEC and its allies cut output to tighten the market. Brent crude futures LCOc1 were trading down 43 cents, or 0. 8 percent, at $53. ...

Moscow. All participants of an oil output reduction agreement agree on extending the cuts by nine months to help trim a supply glut. This was stated Saudi Arabia’s Energy Minister Khalid Al-Falih. “We think we have everybody on board, ” Al-Falih said in an interview with ...

Istanbul. Russian gas exports to Turkey grew by 26% in January-April 2017, to reach 10. 5 billion cubic meters. This was stated to documents prepared by Russian Prime Minister Dmitry Medvedev’s visit to Turkey. "In 2016, Russia’s natural gas exports to Turkey amounted to ...

Singapore. Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices. Brent crude futures were up 32 cents, or 0. 6 percent, from their last close at $53. 93 per barrel ...