Russia will voluntarily reduce oil production by 500,000 barrels per day in March in order to contribute to the restoration of market relations, Russian Deputy Prime Minister Alexander Novak said on Friday. “Russia will voluntarily cut production by 500,000 barrels per day in March. This will contribute to the restoration of market relations. When making
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Russia International | Trading | 30.01.23
Russia and Pakistan Expanding Cooperation in Energy Sector
Russia and Pakistan intend to expand cooperation in the energy sector, Russian Foreign Minister, Sergei Lavrov, said at a meeting with Pakistani Foreign Minister Bilawal Bhutto Zardari. “Moscow and Islamabad have a mutual desire to increase bilateral cooperation, primarily in the energy sector and other sectors of the economy,” the Head of Russian diplomacy said.
Russia to Limit Disclosure of Oil Exports Information
The Federal Antimonopoly Service (FAS) of Russia has developed a draft government decree on the specifics of disclosure of information by natural monopolies providing services for the transportation of oil and petroleum products through trunk pipelines. The FAS proposed to temporarily change the procedure and timing of disclosure of information by Transneft. According to the
Russia International | Trading | 02.11.22
Russia Became Largest Oil Supplier to India
In October, Russia became the largest supplier of oil to India, overtaking the traditional leaders in this indicator, Saudi Arabia and Iraq, as specialists of the industry analytical company Vortexa stated. “In October, Russia supplied India with 946 thousand barrels of oil per day, which is the highest figure for the month, or 22 per
Russia International | 21.07.22
UK to Impose New Sanctions on Coal and Oil Imports From Russia
Since the start of Russia’s special military operation in Ukraine, the UK together with its allies in the West has introduced against the country an unprecedented package of sanctions. And now, the UK is going to impose a new batch of them, regarding coal and oil imports from Russia, as stated in a document released
Russia International | Economics | 15.07.22
Bloomberg: Russia Can Create Reference Grade Oil by Next Year
According to Bloomberg, next year Russia may create a reference grade of oil, which will be a response to the West’s intention to introduce marginal prices for Russian oil and thus limit Russia’s oil revenues. Russia intends to create its own benchmark grade of oil by 2023, Bloomberg reported, citing sources and documents received. According
Russia International | Trading | 06.07.22
Russia Topped Oil Supplies to China
Russia has become the leader in oil supplies to China. Imports in May increased by 55 per cent compared to a year earlier, as it was reported on Wednesday, July 6, by Reuters with reference to the shipping analytical companies Vortexa, Kpler and Refinitiv. Thus, the import of Russian oil in May reached almost 8.42
Russia International | Recommended | 06.07.22
Russia Halts Kazakh Oil Transit to Europe
As a result of an inspection initiated by Deputy Prime Minister, Viktoria Abramchenko, in March to assess the technical condition of CPC-R (Caspian Pipeline Consortium) hazardous production facilities and compliance with environmental requirements during their operation, Federal Service for Supervision of Transport (Rostransnadzor) revealed several documentary violations under the Oil Spill Response Plan (OSR). The
Russia International | 03.06.22
Sri Lanka Put Rank Ingratitude Into Russian Helping Hand
After Sri Lanka has faced a terrible economic crisis this spring, Russia decided to help the country with oil import that was so highly needed. The way Sri Lanka responded to Russia’s kindness was the country’s detaining a Russian plane on request of the third party. In April, Sri Lanka faced, according to experts, the
Russia International | 03.06.22
India Buys Sanctioned Russian Oil Cheaply and Sells It Abroad at High Price
While the US and EU are being forced to pay record prices for gas as “the cost of standing up for freedom,” India is buying up cheap sanctioned Russian oil, refining it, and then selling it to the US and EU for huge profits, according to a report by the Wall Street Journal (WSJ). The
Russia International | 26.05.22
Greece to Give US Iranian Oil From Russian Tanker
Greece will transfer oil to the US from the Russian tanker Lana (Pegas), which was detained in mid-April this year, as TASS reported on May 26 with reference to the press service of the Ministry of the Navy and Island Policy of Greece. Earlier, on April 19, it became known about the detention of the
Russia International | 06.05.22
Three EU Countries to Be Exempted From Embargo on Russian Oil
The EU proposes to give Hungary, Slovakia and the Czech Republic the opportunity to keep importing Russian oil until 2024, as Bloomberg reports. According to the source of Bloomberg, they want to give these countries time to abandon Russian oil until December 31, 2024. It is noted that Brussels proposes to introduce the exception for
Russia International | 02.05.22
Hungary Opposed Ban on Russian Energy Carriers Import to Europe
Hungary opposes the introduction of a ban on the supply of Russian oil and gas to the EU. As the Origo.hu Hungarian information portal reported on Monday, May 2, this was stated by the Head of the Office of the Prime Minister of the country, Gergely Gulyas. “We should not impose sanctions, from which we
