All news: page 14

Teheran. Iranian Minister of Petroleum Bijan Zangeneh says OPEC+ could reach an agreement to consider deeper cuts in the group’s output before the end of March. Speaking to reporters following the 8th meeting of oil producers from the Organization of the Petroleum Exporting Countries ...

Caracas. In 2019, a Curacao oil firm wrapped up a contract with the PDVSA on operating the Venezuelan company’s refinery on the Dutch island, which had a capacity for 335, 000 barrels per day. An oil storage terminal on the Dutch Caribbean island of Bonaire has been seized by ...

Moscow. The Russian-Belarusian agreements will help ensure deliveries of Russian oil to the Belarusian oil refineries "in full and on agreed terms, " the Russian government said on Saturday after a phone call between the two Prime Ministers, Mikhail Mishustin and Sergei Rumas. ...

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 ...

Tokyo. Oil prices fell on Monday as governments escalated lockdowns to curb the spread of the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a global economic contraction. Brent crude LCOc1 futures fell $1. 09, or 4%, to $25. 89 a barrel by 0209 GMT. ...

London. An overall downward trend in the price of oil and gas has been exacerbated by COVID-19 and the failure of OPEC to agree to production restraints according the latest report from the oil and gas industry. The UK oil and gas industry is calling for major financial assistance and ...

Moscow. The global oil and gas industry has slashed at least $31 billion from investment budgets after crude’s epic price crash this month, and more cuts are likely to come. Producers are quickly switching gears to survive a flood of oil coming into the market as Saudi Arabia and ...

Moscow. Fitch Ratings has cut its short- and medium-term oil and natural gas price assumptions in expectation of very large market oversupply in 2020, Trend reports citing Fitch Rating. “We assume the market will gradually rebalance in the next two to three years, but we have also ...

Moscow. Vice President of Russia’s oil major LUKOIL Leonid Fedun considers it necessary to resume talks between Russia and Saudi Arabia to stabilize the situation on the oil market. "It is necessary to reach agreements again, though for doing that it is necessary to overcome the ...

Singapore. U. S. crude oil prices rose over $1 on Friday, extending steep gains from the previous session, after U. S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia at an “appropriate time”. Prices were also supported by United ...

ST Petersburg. The Bazhenov Technology Centre (a Gazprom Neft subsidiary) has cut the costs of producing oil at the Bazhenov Formation, from RUB30, 000 to RUB16, 000 per tonne. A viable production cost, of RUB8, 500 per tonne, is expected to be reached as soon as 2021. Gazprom ...

Moscow. The Kremlin believes that the current oil prices level is low, presidential press secretary, Dmitry Peskov told reporters on Wednesday. "Certainly, this is a low price; we would like to have it higher, " Peskov said, responding to a question whether the oil price of ...

Baku. Malaysia’s PETRONAS company will continue all essential services, Trend reports citing the company. The government of Malaysia has announced Movement Control Order effective 18 March 2020 to 31 March 2020. These measures amongst others require the closure of non-essential ...

Minsk. Mozyr Oil Refinery has launched the processing of the first batch of Azerbaijani oil, spokesman for the Belarusian state petrochemical concern Belneftekhim Aleksandr Tishchenko told BelTA. “Oil delivered by the first tanker to Odessa reached Mozyr Oil Refinery via the oil ...

Tokyo. Oil prices surged as much as nearly 20% on Thursday, bouncing back from days of heavy losses in a relief rally that may yet be short-lived, analysts warned, but which was stoked by economic stimulus efforts to ward off a global coronavirus recession. Brent crude LCOc1 was up $2. 10, ...

Minsk. The second tanker bearing oil bought from traders for the Belarusian oil refinery OAO Naftan arrived in the Klaipeda port today, BelTA learned from Aleksandr Tishchenko, Press Secretary of the Belarusian state petrochemical concern Belneftekhim. The official said: “A tanker ...

Baku. Mozyr Oil Refinery JSC in Belarus has started refining the first batch of Azerbaijani oil purchased from State Oil Company of Azerbaijan SOCAR, Spokesperson of the Belarusian State Concern for Oil and Chemistry (Belneftekhim Concern) Alexander Tishchenko told Trend. “The first ...

Rostov. LUKOIL has started to perform wind monitoring, which is the first stage of developing feasibility study for constructing a wind power plant (WPP) near the current Tsimlyansk HPP in Rostov Region. The site for the WPP has been chosen considering a positive wind potential assessment, ...