Russia & CIS ///
Russia, the world’s largest energy exporter, held November output near a post-Soviet record, which is likely to remain a high-water mark in the near term after a pledge to cut production.
Russia has committed to cooperate with OPEC by cutting as much as 300,000 bpd from its oil output but offered no clear method for enforcement, creating uncertainty about how easily the reduction can be delivered.
OPEC ministers flew to Moscow and officials in Vienna launched another round of talks in an effort to salvage an agreement on production cuts, just as Saudi Arabia raised the possibility of leaving without a deal.
Saudi Arabia pulled out of planned talks with non-OPEC nations including Russia as disagreements about how to share the burden of supply cuts stood in the way of a deal to boost prices just days before a make-or-break meeting in Vienna.
Lukoil has brought a new facility for the treatment and gathering of oil into operation at Yaregskoye field in the Republic of Komi, Russia.
OPEC’s final push to implement the Algiers supply accord and boost oil prices shifted focus to Iran and non-members such as Russia as Iraq appeared to reverse its opposition to output cuts.
Kazakhstan’s authorities are looking at whether the Karachaganak oil and gas venture, which includes Royal Dutch Shell and Eni, has unpaid taxes.
For months, Russia has told OPEC its preferred option in any eventual oil-supply deal was to freeze production, rather than to cut it. Saudi Arabia, the bloc’s most powerful member, is beginning to think Moscow actually means it.
Lukoil has completed a third well, with a horizontal section measuring 1,217 m, at Vladimir Filanovsky field in the Caspian Sea.
Total and SOCAR, the national oil company of Azerbaijan, have signed an agreement establishing the contractual and commercial terms for the first phase of production from Absheron gas and condensate field.
Russia’s decision earlier this year to engage in talks with OPEC about limiting oil output has added more than 400 billion rubles ($6 billion) to the nation’s budget, according to two officials familiar with government calculations.
Parker Bestobell Marine, a supplier of cryogenic valves and part of Parker, has secured a nine-vessel order, worth $5 million, making it the company's single largest order, to date.
Rosneft PJSC said third-quarter profit dropped 77% as a decline in export duties lagged behind slumping prices.
Commercial production at Lukoil's Vladimir Filanovsky field in the Caspian Sea was launched Monday by Russian President Vladimir Putin.
Brazil, the fastest-growing oil producer outside OPEC, will join talks with the exporters group in Vienna on Saturday about potential cooperation.
The Norwegian Petroleum Directorate (NPD) and Russia’s Federal Subsoil Resources Management Agency (Rosnedra) have entered into an agreement to exchange seismic data from the areas around the demarcation line in the Barents Sea.
Oil dropped for a third day after industry data showed U.S. crude stockpiles expanded as Russia reiterated it would prefer freezing output at current levels rather than cutting.
Lukoil has started commercial production at Pyakyakhinskoye oil and gas condensate field in the Yamal-Nenets Autononous District, the company said Tuesday.
As Russia gets ready for talks on cooperation with OPEC on Monday, it’s using the playbooks of Iran, Iraq and Venezuela to gain leverage.
Russia’s largest oil company said the nation is capable of a substantial increase in production, less than two weeks after President Vladimir Putin pledged his support for international efforts to limit output.