On November 26, Russian President Vladimir Putin made a working trip to the city of Sarov, Nizhny Novgorod Region, where he visited one of the leading enterprises of the State Atomic Energy Corporation Rosatom — the Russian Federal Nuclear Center — VNII of Experimental Physics (RFNC-VNIIEP). Vladimir Putin has come to Sarov for the fourth […]
Russia has no plans to rein in its production of fossil fuels in the coming decades despite the global efforts to shift towards low-carbon energy, according to its energy minister. Alexander Novak told the Guardian that Russia did “not see that we will achieve a peak in [gas] production anytime soon” because the world’s appetite […]
According to the Minister of Energy of the Russian Federation Alexander Novak, soon the share of Russia in the world market of liquefied natural gas may reach a quarter of the global figure. Addressing his greetings to the participants of the 9th Conference of LNG Producers and Consumers, the head of the Russian Ministry of […]
According to the head of the Russian Ministry of Energy Alexander Novak, the future oil production of Russia depends on the level of development of the oil service industry. In the author’s column for the Energy Policy magazine, Novak spoke about how the Covid-19 pandemic has affected the oilfield services industry, how it can be […]
Europe’s oil giants came into 2020 promising shareholders they can “do it all” — maintain generous dividends, keep the crude flowing and make a historic shift toward clean energy. Only one of them may succeed. Since the coronavirus pandemic wiped out oil demand, Royal Dutch Shell Plc shocked investors with its first dividend cut since […]
Who needs a loss-making, inflexible oil refinery in a world where demand for petroleum has been obliterated? We’re about to find out. When consumption of transport fuels collapsed this year because of coronavirus, much of the industry moved into survival mode, cutting processing rates and even temporarily stopping refining in some cases. While that helped […]
The day oil prices turned negative will likely be remembered as the climax of the darkest period ever for the petroleum industry, but for one lucky trading shop it was the opportunity of a lifetime. While many rushed to liquidate positions and cover margins as the May contract neared expiration, BB Energy, a medium-sized trading […]
Oil tanker rates are crashing as a pact to limit global crude production begins. Don’t bet on the rout enduring. From today, crude producers in the OPEC+ alliance are cutting their collective output by a level that’s unprecedented in history — almost 10% of global consumption. Normally, such huge curbs would have destroyed the tanker […]
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still. Having collapsed by about 60% this year, Brent and West Texas Intermediate crude have stabilized at around $25 a barrel, but the price […]
Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude. Reliance Industries Ltd. booked the supertanker Princess Mary for more than $400,000 a day to haul crude from the Middle East to […]
