All news: page 7

Moscow. Gazprom stock plunged on Wednesday after the Russian energy giant reported its first quarterly loss in nearly five years as the coronavirus outbreak crippled gas demand and led to the devaluation of the ruble. The supplier reported a net loss of 116 billion rubles (nearly $1. 64 ...

Baku. The State Oil Company of Azerbaijan (SOCAR) plans to send another batch of Azerbaijani oil to Belarus in late July, Deputy Head of Public Relations and Events Department at SOCAR Ibrahim Ahmadov told Trend. “The volume of this batch will reach about 650, 000 tons of oil, ” ...

California. California Resources Corp. filed for bankruptcy, kicking off what could turn into the next wave of collapses among oil drillers and the businesses that depend on them. The company joins more than 200 oil explorers that have filed for court protection since 2015, and more may be ...

Tokyo. Oil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U. S. demand pick-up after a bigger-than-expected drawdown from the country’s crude stocks. Brent crude LCOc1 fell ...

Moscow. Nornickel (a metals giant Norilsk Nickel) will make a modern system to monitor conditions of the permafrost, the company’s Vice President on Ecology and Environment Andrei Bugrov said on Tuesday. Over 21, 000 cubic meters of petroleum products spilled at the Thermal Power Plant ...

Vena. OPEC expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output. The Organization of Petroleum Exporting Countries forecasts the need for its crude will surge by 25% in 2021 to ...

Moscow. The United States has been raising its imports of fuel oil from Russia over the past year and a half after the US imposed sanctions on Venezuela’s exports, Reuters reported on Monday, quoting data from Refinitiv Eikon. Venezuela’s heavy crude oil is suitable to process ...

Moscow. The Board of Directors of PJSC LUKOIL held a meeting in Moscow today. The following quantitative and personal composition of the Management Committee was approved: Vagit Alekperov President Vyacheslav Verkhov ...

Minsk. An agreement on conditions of Russian oil supplies to Belarus was signed in Moscow on Tuesday after negotiations between prime ministers of the two countries, Prime Minister of Belarus Roman Golovchenko told reporters. "Three international documents were signed today. These are ...

Seoul. Oil prices rose on Wednesday after a sharp drop in U. S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies. Brent crude LCOc1 futures were up 10 cents, or 0. 2%, at $43 a barrel as ...

After British and US troops invaded Iraq in 2003 and ousted Saddam Hussein, a new pro-Western government took over and began handing out lucrative contracts in the oil industry. But did some foreign companies overstep the mark and offer outright bribes to win contracts? Two men have been ...

Vena. Oil retreated before an OPEC+ committee meeting this week that may confirm the group’s intention to taper production cuts even as the coronavirus surges in many countries including the U. S. Expectations are that the cartel will begin unwinding historic supply curbs as planned in ...

Moscow. Russian President Vladimir Putin signed the law aimed at prevention and response to crude oil and petroleum product spills. The document binds companies dealing with onshore oil production to have a financial security mechanism to cure contingencies. The document was posted on the ...

Moscow. Russian energy giant Gazprom Neft has started supplying crude from its Novy Port Arctic oil field to China. The first batch amounting to 144, 000 tons of crude was delivered to Yantai port, the company announced. The tanker route from Murmansk to Yantai crosses the Arctic seas and ...

Moscow. Oil dropped for a second day on expectations that OPEC+ will start winding down production cuts next month and as escalating tension between Washington and Beijing worsened sentiment across financial markets. Futures in New York fell toward $39 a barrel after retreating 1. 1% on ...

Libya. Libya’s National Oil Corp. has declared force majeure on all oil exports, barely a day after lifting it, the state-owned company said in a statement. NOC condemned the renewed blockade on Libyan oil exports, saying it was “gravely disappointing” especially ...

Moscow. Production of OPEC+ countries in June decreased by almost 2 mln bpd compared to the previous month and reached 33. 4 mln bpd. The agreement to reduce oil production this month saw 108% compliance against 89% a month earlier, according to the July report of the International Energy Agency ...

Several companies that certify vessels are seaworthy and ship insurers have withdrawn services to tankers involved in the Venezuelan oil trade as the United States targets the maritime industry to tighten sanctions on the Latin American country. U. S. sanctions have driven Venezuela’s ...