Russia & CIS ///

Saudi, Russian energy ministers cancel planned Davos meeting

Saudi Arabia and Russia will no longer hold oil talks in Davos this week, scrapping the first face-to-face meeting since both nations agreed in December to cut output.

Russia aims to speed up oil output cuts as Saudis criticize pace

Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.

Oil gains as Russia, Saudis signal commitment to production cuts

Oil closed higher for the second straight day as Russia and Saudi Arabia signaled they’re on track with production cuts designed to avoid a global supply glut.

Russia eyes island storage for Arctic LNG amid China demand boom

Russia’s Novatek PJSC is looking at storing liquefied natural gas produced in the Arctic on Japan’s southern island of Kyushu so it can better meet spot demand from China and cut shipping costs.

Russia starts gradual oil output cuts as OPEC+ deal kicks in

Russia is gradually reducing oil production in line with the OPEC+ deal and is on track to get about a fifth of the way toward its pledged cut this month.

Lukoil has confirmed Eridu field geological model

Lukoil has successfully completed testing of the fourth well as part of Eridu field (Block 10) appraisal phase in the south of Iraq.

Companies in the news

Michele Cowart, World Oil

ABB has been awarded an integrated automation, electrification and telecommunication project, valued at $79 million, for the upgrade of Bab onshore field in Abu Dhabi, by CPECC.

Halliburton President and CEO Jeff Miller appointed as chairman of the board

Halliburton Company has announced its board of directors has appointed Jeff Miller, the company’s president and CEO, as chairman of the board, effective Jan. 1, 2019.

Novatek initiates crude oil production in the Russian Yaro-Yakhinskoye field

PAO Novatek has announced the launch of commercial production of crude oil at the Yaro-Yakhinskoye field developed by Arcticgas, a joint venture between Novatek and Gazprom Neft.

Gazprom Neft, Repsol have signed an exploration JV in Khanty-Mansi Autonomous Okrug

Gazprom Neft and Repsol have established a joint venture to undertake geological exploration in the Karabashsky zone of the Khanty-Mansi Autonomous Okrug-Yugra. Khanty-Mansi Autonomous Okrug.

Oil gains most in two years on stock rally, Russian reassurance

Crude gained as U.S. equities rebounded and Russia signaled that OPEC and its partners would be willing to meet as needed to help manage the oil market.

Russia's oil bosses and officials brush off oil price drop

Russian officials and executives from its biggest oil companies put on a brave face Wednesday, even as Brent trades near 16-month lows.

Lukoil reports 20 million tonnes of oil produced from North Caspian fields

Lukoil's cumulative production of oil in the Russian part of the Caspian Sea has exceeded 20 million tonnes, Vladimir Filanovsky field accounting for the most significant gain in production.

U.S. oil surge makes Bank of Russia skeptical on OPEC+ success

Russia’s central bank is not convinced that OPEC and its allies’ supply cuts can revive the oil market as it’s being countered by surging U.S. production.

Gazprom and Itochu sign Memorandum of Understanding on Baltic LNG project

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Yoshihisa Suzuki, president and CEO of Itochu Corporation, took place in St. Petersburg.

Lukoil and Gazprom prepare to establish JV for field development

President of Lukoil Vagit Alekperov and Chairman of the Management Committee of Gazprom Alexey Miller discussed bilateral cooperation at a meeting.

Total's Yamal LNG has started Train 3 twelve months ahead of schedule

On the occasion of the inauguration of Train 3 of the Yamal LNG project in the presence of the Prime Minister of Russia Dmitry Medvedev, Total announces the start of liquefied natural gas (LNG) exports from the third train of the Yamal LNG project in Russia.

Saudi Arabia juggles Iran and U.S. shale to deliver OPEC deal

Saudi Arabia’s energy minister emerged from days of heated OPEC talks joking that he wasn’t an easy man to be friends with.

Primed-to-pump shale will take OPEC cut but no longer needs it

U.S. shale’s response to OPEC’s decision to cut supply and boost prices: We’ll take it, but we don’t need it.

OPEC talks end without oil-cuts deal as Russia holds back

OPEC ended talks without a deal on oil production cuts for the first time in nearly five years as Russia flexed its muscles by so far refusing to commit to the big output curb that Saudi Arabia is demanding.