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Several companies that certify vessels are seaworthy and ship insurers have withdrawn services to tankers involved in the Venezuelan oil trade as the United States targets the maritime industry to tighten sanctions on the Latin American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

Moscow. Oil edged lower ahead of an OPEC+ meeting this week at which the group may announce plans to start tapering historic production cuts even as the coronavirus surges unabated in many parts of the world. Futures in New York fell toward $40 a barrel after closing up 2. 4% on Friday. The ...

Austin. A man gets tested for coronavirus at a COVID19 testing center on July 7, 2020 in Austin, Texas. Patients have their temperature and pulse checked before being swabbed. Along with Florida and Arizona, coronavirus cases in Texas have spiked recently. (Photo by Sergio Flores/Getty ...

Moscow. Rosneft has presented its Public Statement regarding human rights and the Declaration on Human Rights for interacting with suppliers of goods, works and services. The documents were published on the official Rosneft website in the Sustainable Development section. Rosneft ...

Moscow. Russian authorities are going to introduce tougher fines for legal entities violating security rules the facilities of fuel and energy complex. The measures are taken after at a massive fuel spill and a fire took place at the CHPP-3 combined heat and power plant near Norilsk in ...

Vena. OPEC+ is another step closer to addressing the cheating that has dogged the cartel since its inception. Three weeks after a crackdown on members of the oil coalition lagging in their delivery of promised oil output cuts, the last main straggler has given assurances that satisfy the ...

Tokyo. Oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere would suppress fuel demand. Brent crude LCOc1 was down by 25 ...

Moscow. LUKOIL became a winner of one of the most influential world communication contests – SABRE Awards. An international jury named Company's cultural, social and tourist initiatives carried out in Kogalym (KhMAO-Yugra) as the best global project in the Multicultural Marketing ...

Moscow. Russian President Vladimir Putin and President of China Xi Jinping discussed cooperation between the two countries based on projects in hydrocarbon supplies, nuclear industry and civil aviation, the Kremlin’s press service said on Wednesday after the telephone conversation between ...

North Sea nations and oil companies face costs of more than $100 billion to shut down old wells in the depleted region. Researchers in Norway believe they can cut that figure dramatically. A new technology center in Trondheim hopes to halve the costs of plugging and abandoning wells -- a ...

Baku. SOCAR Turkey (Turkish subsidiary of the Azerbaijani state oil company SOCAR) has become a leader in the list of exporters of products, Trend reports referring to the Turkish media. The company received an award from the Istanbul Chemicals and Chemical Products Exporters' ...

Melbourne. Oil prices drifted lower on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U. S. gasoline demand. U. S. West Texas Intermediate (WTI) crude CLc1 futures fell 14 cents, or 0. 3%, to $40. 76 a barrel by 0229 GMT, ...

Moscow. Repeated shutdowns of Libya’s oil facilities amid a civil war could leave the country producing at just half its total capacity in the coming years, the National Oil Corp. said. The OPEC member is “on track for a precipitous decline over the next year and a half as a ...