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Tag Archives: Moscow

Russian oil tanker grounded in north Pacific

MOSCOW — Russian emergency services say cleanup operations are underway after an oil tanker was grounded, damaging one of its fuel tanks. The tanker Nadezhda hit a reef during a storm on Saturday near the port city of Nevelsk on Sakhalin Island in Russia’s Far East. It was carrying 786 tons of fuel oil and diesel fuel. The amount of ...

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More Russian oil drilling shows its resolve to OPEC

MOSCOW – Russian oil firms are drilling more, showing the world’s top crude producer is ready for a longer fight for market share with OPEC, as its industry can carry on even if oil prices reach $35 per barrel. As OPEC prepares to meet on Friday in Vienna, Russia is sending a low key delegation for talks which are very ...

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Russia: key reserve fund to run dry by end of next year

MOSCOW — Russia will deplete one of its two rainy day funds by the end of next year as it tries to plug the state deficit amid the economic downturn, the finance minister said Tuesday. The economy fell into recession this year for the first time since 2009 due to a drop in prices for the country’s crucial energy exports ...

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Russia offers gas, oil swap deals to Iran

MOSCOW – Russian Energy Minister Alexander Novak said on Friday Kremlin-controlled gas producer Gazprom has offered gas supplies to Iran under a swap arrangement, and similar oil deals were also under consideration. Moscow has boosted efforts to foster political and economic ties with Tehran and increased its activity after a decision in July to lift international sanctions on Iran in ...

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Total’s trenchant new boss fits era of oil austerity

PARIS – Total’s boss is known as a fixer; a straight-talking cost cutter who has emerged as the right person to steer the French oil and gas company through one of the industry’s worst downturns in decades. The 52-year-old Patrick Pouyanne could not be more different from his predecessor, the flamboyant Christophe de Margerie, who died last October in a ...

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Cooperation with OPEC? No thank you, ex-Soviet producers say

MOSCOW/ASTANA/BAKU – Ex-Soviet oil producers, led by Russia, are not bowing to pressure to reduce output in order to lift global prices, leaving little chance of a deal when OPEC experts meet with producers outside the group on Wednesday. The ex-Soviet oil nations have the financial cushion to weather low prices and some of them, too, find it difficult to ...

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9-year-old injured in Russian Pipeline Fire (video)

An underwater oil pipeline was the cause of a giant oil slick fire in Moscow, Russia last week. Seriously, you have to see this video. The state-owned oil pipeline company Transneft initially confirmed its pipeline was involved in the unfortunate spill. But once the blaze was under control and the pipeline could be analyzed, no damage could be found, according ...

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Russia says oil output could decline if prices stay low

MOSCOW, Sept 1 – Russia will not deliberately cut oil production to prop up prices, however its output may decline if prices remain low, local news agencies quoted Deputy Prime Minister Arkady Dvorkovich as saying on Tuesday. He also said that Russia was ready to discuss measures aimed at oil price stabilization with the Organization of the Petroleum Exporting Countries ...

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Russian oil firms raise profits and output, spurred by rouble weakness

MOSCOW – Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business, which has turned into one of the world’s most profitable. Russia has kept its production, which includes gas condensate, near post-Soviet highs as its producers benefit from getting the bulk of their export revenues in dollars while most of their ...

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Russia says Ukraine debt repayment law amounts to default

MOSCOW – Russia on Wednesday demanded the timely repayment of all debts owed to it by Ukraine and accused Kiev of effectively preparing the way for default with a new law. It threatened to take the issue to international courts if necessary. The law, approved by Ukraine’s parliament on Tuesday, gives the government the right to miss payments to its ...

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