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Russia Says There’s Enough Oil in Global Stockpiles to Replace Lost Saudi Barrels

16.09.2019


There is enough oil in global stockpiles to replace barrels Saudi Arabia has temporarily lost due to attacks on its oil facilities, Russia’s Energy Minister Alexander Novak, an ally of Riyadh in a pact to curb supply, told reporters on Monday. Following the strike on Saudi Arabia’s oil infrastructure, which shut about 5% of global…



Volume of SOCAR’s shipment via Georgian port disclosed

06.08.2019


Presently, Azerbaijan state oil company SOCAR is the major supplier of natural gas, oil and oil products to Georgia. SOCAR’s subsidiaries are engaged in expansion and modernization of the country’s gas distribution systems, and development of filling stations under SOCAR’s brand. The company has an oil terminal in Georgia’s Kulevi Black Sea Port, which supplies…



EIA: This Week in Petroleum – 10 July 2019

17.07.2019


Crude oil prices are forecast to remain relatively flat The U.S. Energy Information Administration (EIA) forecasts that Brent crude oil prices will average $67 per barrel (b) in 2019 and in 2020. EIA expects that West Texas Intermediate (WTI) crude oil prices will average $60/b in 2019 and $63/b in 2020. The forecast of relatively…



Peak Oil Review 8 July 2019

11.07.2019


Quote of the Week “Those production gains came even as the rig count has continued to slide. Longer laterals and more intense fracking operations have led to years of soaring output. The problem for shale companies is that the profits have never really arrived. The downturn in oil prices since the fourth quarter of last…



Icebreaker Diplomacy: Russia’s New-Old Strategy to Dominate the Arctic

13.06.2019


Russia’s Baltic Shipyard (St. Petersburg) held a grand ceremony, on May 25, to celebrate the launching of the nuclear-powered Project 22220 (LK-60Ya) icebreaker Ural (Geoenergetika.ru, May 27, 2019). Following the festivities, Russian Central Bank head Elvira Nabiullina stated that the event would be further commemorated by issuing a special coin hailing the new Project 22220…



MIDDLE EAST: BROOGE TO SET UP NEW FUJAIRAH OIL REFINERY

14.05.2019


The facility, with a first phase slated for completion in Q1 2020, will produce IMO 2020-compliant fuel. According to Reuters, Brooge Petroleum and Gas Investment Co (BPGIC) said that the capacity of the refinery will be 250,000 barrels per day. The news follows on from last month’s announcementthat Twelve Seas Investment, together with a recently-formed…



Oil up as U.S. drilling stalls, Iranian sanctions bite

10.09.2018


LONDON (Reuters) – Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran’s crude exports kick in from November. Benchmark Brent crude oil rose $1.09 a barrel, or 1.4 percent, to a high of $77.92 and was trading at $77.50 by 1130 GMT. U.S. light…



Import substitution in stevedoring sector

31.08.2018


Transshipment of Russia’s foreign trade cargo via the ports of the Baltic states and Ukraine in the first half of this year fell by 7.5% to 22.2 million tonnes. Their share has decreased from 6.51% in HI’2017 to 5.88% in HI’2018. High dependence is still observed in the segment of dry bulk cargo while the…



Russia boosts oil production by 100,000 bpd in June

01.08.2018


Part of this oil supposedly came from storage OPEC and other oil-producing countries decided to ease global output cuts aimed to stabilise the oil market last month. Following the decision, Russia added about 100,000 bpd to its monthly production in July. Some industry sources state that at least part of this extra oil originated from…



Sources: Russia Raises Crude Oil Exports From Sakhalin-1 In 3Qby

26.07.2018


Russia plans to boost crude oil exports from the ExxonMobil-led Sakhalin-1 project to between 260,000 to 266,000 barrels per day (bpd) in the third quarter after major oil producers agreed to lift production at the end of June, industry sources said on Monday. The exports include 10 to 11 cargoes of Sokol crude to be…