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Tag Archives: Russian oil production

OPEC agrees to cut production, US producers prepare to respond

OPEC headquarters

Have you been watching the price of oil? As this story is being written, WTI Crude sits at $51.37, up 31 cents. Yesterday, according to Reuters, Brent crude was at its highest in 16 months. Why the jump? Because the Organization of Petroleum Exporting Countries agreed to its first oil output reduction since 2008. Members pledged to remove 1.2 million barrels ...

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U.S. West Coast refiners snap up Russian crude cargoes

SINGAPORE – 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. Up to four tankers were expected to carry nearly 3 million barrels of Russia’s ESPO ...

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Russian March oil output hits new post-Soviet high

MOSCOW – Russian oil production hit the latest in a line of post-Soviet highs in March, feeding higher exports that added to a global glut keeping crude prices low and hurting its economy. The big Gulf producers of OPEC have opted for holding on to market share, saying they will only cut output to raise oil prices if others – ...

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