Russia ///

Putin likely to retain power until 2036 on upcoming Russian vote

Russian President Vladimir Putin is on course to secure a resounding endorsement of his bid to extend his two-decade-long rule potentially up to 2036, as the Kremlin faces criticism for its heavy-handed efforts to marshal support.

Are crude production models ignoring rig count and oil price realities?

World Oil editors review the Dallas Fed's recent oil production survey among U.S. operators and service companies, and discover a "split personality" between production estimate and pricing models that could lead to an oil supply shock in 2021.

Russian oil export cuts are raising physical crude prices

Cuts from one of the world's largest oil producers helped to increase demand for other European grades and recently boosted their values in the market where actual barrels of oil are traded.

Putin’s anger over environmental damage may drive modern reforms

The mishandling of the biggest Arctic oil spill ever infuriated Russian President Vladimir Putin and could be the catalyst for adoption of modern environmental regulations.

Cheating on oil production quotas stalls this week’s OPEC+ meeting

A meeting between OPEC and its allies is unlikely to happen this week as Saudi Arabia and Russia draw a hard line over quota cheating by some nations.

Not even Russian output cuts can stop Europe’s natural gas surplus

Europe is choking with gas as demand slumped in line with the virus-stricken global economy, storage sites are more full than usual and little respite is seen in liquefied natural gas imports, even with benchmark prices near record lows.

OPEC+ may meet this week to update production limits

The move, if confirmed, would give the oil cartel more flexibility to change its current production limits. The existing deal, struck in April as energy demand and prices collapsed because of the coronavirus pandemic, calls for curbs to ease from July.

Saudis, Russians plan to work together at June’s OPEC+ meeting

Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group.

Oil prices fall on Russia’s readiness for pre-OPEC+ production levels

Oil declined from the highest settlement in 11 weeks on signs Russia is supporting plans to start easing supply cuts from July, while tensions between the U.S. and China escalated amid the specter of sanctions.

Russian gas exports to Europe drop as Nord Stream 2 nears completion

The European gas market has been watching for signs when key producers Russia and Norway will start curbing flows as an unprecedented glut keep on growing.

Oil prices climb on prediction of swift demand rebalance

Oil has surged more than 80% this month as demand returned following the easing of lockdown restrictions in some countries, while output cuts have started to chip away at the oversupply.

Putin sets deadline for plan to support Russian oil industry

Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers.

Daily Brief Podcast: Simon Watkins on Saudi moves, Shale 3.0, and recovering demand

The real result of Saudi Arabia's production cuts, how recovering global markets impact large and small shale players differently, and what that means for the future of the industry.

OPEC+ proves its mettle by swiftly delivering oil production cuts

Despite skepticism over the efficacy of the measures unveiled in mid-April by Saudi Arabia, Russia and their partners, compared to the immense hit to demand, the impact has been substantial. Oil prices have recovered by 60% in the past three weeks, as a pick-up in fuel use is complemented by the supply cuts.

Russia faces challenges cutting oil output while keeping the industry alive

To save the market from collapse caused by the coronavirus, Moscow and its OPEC allies agreed to cut crude output deeper than ever before. Their deal pulled prices back from the brink, but the speed and duration of the shutdown increases the risk of losing some oil wells forever.

Russia, Saudi Arabia see recovering demand after production cuts

Saudi Arabia and Russia see signs that oil demand is recovering as countries around the world start to relax lockdowns imposed to fight the spread of the coronavirus outbreak.

Sanction-defying pipelay vessel reaches home of stalled Nord Stream 2 line

The pipeline, one of the key export projects for Russia’s Gazprom PJSC, was just weeks away from completion when U.S. sanctions stopped work last year. There’s a small section in Denmark’s waters still to be completed.

U.S. investigating multimillion-dollar trading fraud via OPEC+ insiders

The U.S. is investigating whether traders with inside information on Russia’s negotiations with other oil producing nations made hundreds of millions of dollars from illegal wagers on crude price swings, according to two people with direct knowledge of the matter.

Saudi Arabia, Russia appear open to cuts beyond OPEC+ deal

Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem crude’s downward spiral.

Russia paid a heavy price to end the oil price war

Putin had catapulted Russia into a dominant role in global energy politics and drove a wedge between the U.S. and its Saudi ally, as the two marshaled producers to limit supplies. But it’s now clear he overplayed his hand when he refused to meet Saudi demands to double output cuts just five weeks ago.