Saudi Arabia on Monday extended its oil-export cut of 1 million barrels per day for another month and Russia said it will cut 500,000 bpd from its oil exports in August, in moves that could support prices at comfortable levels for producers.
India’s crude oil imports from Russia hit a new record high of 2.2 million barrels per day (bpd) in June, having risen in 10 consecutive months, per data from analytics firm Kpler cited by Bloomberg.
Crude oil prices moved modestly higher in Asia pre-noon trade today following the news that Saudi Arabia would extend its voluntary oil production cuts through August.
Uzbekistan has reached a deal with Russia’s Gazprom to buy 2.8 billion cubic meters of natural gas annually over the coming two years as part of a broader effort to prevent winter-time shortages.
Russia’s crude oil exports by sea fell slightly in the four weeks to June 18, but were still 250,000 barrels per day (bpd) higher compared to February, which serves as a baseline for the 500,000-bpd production cut Russia has promised this year.
Russia has enough gasoline to meet its domestic demand, Energy Minister Nikolai Shulginov said on Friday, downplaying the possibility that Moscow could limit gasoline exports.
Islamabad, Pakistan – Pakistan has received its first shipment of Russian crude oil under an agreement signed between the two countries in April, but experts believe it will be too soon to say if the deal will provide significant benefit to domestic consumers. The cargo carrying 45,000 metric tonnes of crude oil arrived at the southern […]
The last week or so has seen a flurry of major cooperation agreements – including in energy, security, and logistics – between various permutations of Iran, Iraq, Russia, and China.
Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy.
Russia would prefer its partners of the OPEC+ group to leave oil production unchanged when it meets next week, as Moscow is okay with the current oil prices and production quotas, sources with knowledge of the Russian position told Reuters on Friday.