Keyword: russiaoil

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  • Russian Oil Output Hits Post-Soviet High, Bests Saudi Arabia

    11/05/2015 6:44:18 AM PST · by Trumpinator · 14 replies
    rferl.org ^ | November 03, 2015 | Bloomberg, Reuters, AFP, and TASS
    Russian Oil Output Hits Post-Soviet High, Bests Saudi Arabia November 03, 2015 Russian oil production rose to a post-Soviet record of 10.78 million barrels a day last month, besting Saudi Arabia's output of 10.1 million and contributing to a renewed slump in oil prices. The increase in production reported November 2 reflects Russia's strategy of defending its market share as the Saudis and other rivals from the Gulf have started offering alternative supplies to Moscow's traditional markets. Russian production has withstood a collapse in oil prices and a global supply glut, while output by contrast has plummeted 5 percent since...
  • Russia retreats to autarky as poverty looms

    10/19/2015 1:54:20 AM PDT · by elhombrelibre · 19 replies
    Daily Telegraph ^ | 18 Oct 15 | Ambrose Evans-Pritchard
    Vladimir Putin is falling back on Soviet-era self-reliance as oil wealth evaporates and sanctions cut off vitally-needed technology Russia is running out of money. President Vladimir Putin is taking a strategic gamble, depleting the Kremlin's last reserve funds to cover the budget and to pay for an escalating war in Syria at the same time. The three big rating agencies have all issued alerts over recent days, warning that the country's public finances are deteriorating fast and furiously. There is no prospect of an oil revival as long as Saudi Arabia continues to flood the market. Russia cannot borrow abroad...
  • Russia’s endgame in Syria: Follow the Money (OIL MONEY!!!)

    10/18/2015 4:34:29 PM PDT · by RaceBannon · 16 replies
    center for security policy ^ | Articles | October 6, 2015 | | John Cordero
    As Vladimir Putin orders airstrikes against rebels of all stripes fighting Bashar al-Assad’s regime, there are important strategic economic goals behind Russia’s actions in Syria. The short term goal is easy to discern: prevent Assad’s collapse as no alternative suitable to Russian interests exists, preserve Russia’s only naval base in the Middle East at Tartus, and promote Russia both at home and abroad as a world power that counterbalances American hegemony. Much of the media has focused on Putin as a personal driver of Russian behavior. While forays into Georgia and Ukraine have accomplished the tactical goals of preventing increased...
  • Putin's air strikes in Syria stir up oil prices {T. Boone Pickens}

    10/13/2015 5:56:30 AM PDT · by thackney · 12 replies
    CNN Money ^ | 10/13/2015 | Matt Egan
    ladimir Putin's military campaign in Syria is stirring up trouble in the Middle East -- and jacking up oil prices in the process. T. Boone Pickens, the billionaire oil man, believes that's exactly what Putin was hoping for. "He wants a higher price for oil," Pickens told CNNMoney's Cristina Alesci. "A lack of leadership in the United States has allowed Putin to walk into the Middle East and be right there." Energy-reliant Russia has been slammed by the crash in world oil prices. The Russian economy is in recession and the ruble has collapsed against the dollar. But last week...
  • Russia abandons hope of oil price recovery and turns to the plough

    10/14/2015 11:49:31 AM PDT · by Lorianne · 15 replies
    Telegraph (UK) ^ | 13 October 2015 | Ambrose Evans-Pritchard
    The Kremlin has launched an incredible volte-face in economic policy and turned to traditional industries like farming in the face of tumbling oil prices ___ Russia has abandoned hopes for a lasting recovery in oil prices, bracing for a new era of abundant crude as US shale production transforms the global energy market. The Kremlin has launched a radical shift in strategy, rationing funds for the once-sacrosanct oil and gas industry and relying instead on a revival of manufacturing and farming, driven by a much more competitive rouble. "We have to have prudent forecasts. Our budget is based very conservative...
  • U.S. West Coast Refiners Snap up Russian Crude

    06/24/2015 6:12:55 AM PDT · by artichokegrower · 2 replies
    Marine Link ^ | June 24, 2015 | Joseph Keefe
    Refiners on the U.S. West Coast and Hawaii have stepped up purchases of Russian crude, taking advantage of a narrow gap between U.S. and global prices as they look to guard against a seasonal shortage of Alaskan supply, trade and industry sources said.
  • Russia oil output hits post-Soviet high, small firms help

    01/02/2015 5:33:47 AM PST · by thackney · 8 replies
    Reuters ^ | Jan 2, 2015 | VLADIMIR SOLDATKIN
    Russia's 2014 oil output hit a post-Soviet record high average of 10.58 million barrels per day (bpd), rising by 0.7 percent helped by small non-state producers, Energy Ministry data showed on Friday. Oil and gas condensate production in December hit 10.67 million bpd, also a record high since the collapse of the Soviet Union. The data showed Russia's so-called small producers, mostly privately held, increased their output by 11 percent to just over 1 million barrels per day. Crude oil exports via state monopoly Transneft fell 5 percent to 195.5 million tonnes due to rising domestic demand and refinery runs....
  • How Putin Forged a Pipeline Deal That Derailed

    12/30/2014 11:14:59 PM PST · by elhombrelibre · 13 replies
    NYT ^ | 30 Dec 14 | JIM YARDLEY and JO BECKER
    SOFIA, Bulgaria — Barely two weeks after President Vladimir V. Putin annexed Crimea on one side of the Black Sea, he won a different prize on the other side. In Bulgaria’s Parliament, lawmakers gave initial passage to a bill clearing the way for a mammoth gas pipeline from Russia. The pipeline, known as South Stream, was Mr. Putin’s most important European project, a tool of economic and geopolitical power critical to twin goals: keeping Europe hooked on Russian gas, and further entrenching Russian influence in fragile former Soviet satellite states as part of a broader effort to undermine European unity....
  • Russian ruble plunges as economy hit hard by falling oil prices, sanctions

    12/02/2014 4:52:25 PM PST · by Agog · 7 replies
    The Globe and Mail ^ | 12/02/2014 | Brian Milner
    Russia’s central bank is trying to resist a brutal assault on the ruble, but any respite is bound to be short-lived. The Central Bank of Russia waded into currency markets Monday as the ruble plunged to levels not seen since the 1998 financial crisis that triggered a devaluation and government debt default. Like the Canadian dollar and the Norwegian krone, the Russian currency has been under extreme pressure amid the collapse in oil prices. The ruble plunged as much as 6.5 per cent Monday, hitting a record low against the U.S. dollar before retracing some its lost ground to close...
  • Russia and Iran Lock NATO Out of Caspian Sea

    10/01/2014 11:03:10 AM PDT · by mac_truck · 19 replies
    The Diplomat ^ | Oct 1 2014 | Jacopo Dettoni
    A summit earlier this week achieves consensus on the inadmissibility of a foreign military presence in the sea. Iran and Russia have built unanimous consensus among the Caspian states, which also feature Azerbaijan, Kazakhstan and Turkmenistan, over the inadmissibility of a foreign military presence in the Caspian Sea, ruling out any future possible deployment of NATO forces in the basin. A political declaration signed by the presidents of the five Caspian states at the IV Caspian Summit held in Astrakhan, Russia, on September 29, “sets out a fundamental principle for guaranteeing stability and security, namely, that only the Caspian littoral...
  • AP Enterprise: Russia oil spills wreak devastation

    12/17/2011 10:04:12 PM PST · by quantim · 10 replies
    AP/WorldMag ^ | Dec 18, 12:00 AM EST | NATALIYA VASILYEVA
    USINSK, Russia (AP) -- On the bright yellow tundra outside this oil town near the Arctic Circle, a pitch-black pool of crude stretches toward the horizon. The source: a decommissioned well whose rusty screws ooze with oil, viscous like jam. This is the face of Russia's oil country, a sprawling, inhospitable zone that experts say represents the world's worst ecological oil catastrophe. Environmentalists estimate at least 1 percent of Russia's annual oil production, or 5 million tons, is spilled every year. That is equivalent to one Deepwater Horizon-scale leak about every two months. Crumbling infrastructure and a harsh climate combine...
  • China to Get First Crack at Russian Oil: Putin

    07/17/2005 8:05:01 PM PDT · by ex-Texan · 25 replies · 1,006+ views
    Atimes.com ^ | 7/16/2005 | John Helmer
    MOSCOW - In his most detailed statement to date, President Vladimir Putin has spelled out Russia's priorities for transporting crude oil to Asian markets in the next decade. In diplomatic but unambiguous language, Putin rejected Japanese proposals, in favor of China. In a press conference at Gleneagles last week as the new chairman of the G8, Putin identified rail deliveries to China from the new border terminal at Skovorodino as his first priority, with 20 million tons (385,000 barrels per day) the target for delivery, once Transneft, the state pipeline agency, builds the planned new pipeline to Skovorodino. This terminal...