Category Archives: Oil

Russia’s defeat in oil price war means also Putin’s political failure – expert.

Russia wanted to oust U.S. shale oil from the market, but it turned out the opposite. Independent Russian political scientist Dmitry Oreshkin has said Russia’s defeat in the oil price war and the loss of part of the European market is Russian President Vladimir Putin’s political failure as well. “Of course, this is a terrible geopolitical defeat and a very

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Putin makes painful climbdown as he sues for peace in oil war

In reversal, Russia assuming more cuts than Saudi Arabia Vladimir Putin’s deal with OPEC to cut oil output and boost prices three years ago was a triumph for the Russian leader, bolstering his clout on the global stage. But now he’s had to make stinging concessions after U.S. President Donald Trump stepped in to end a price war. Amid relief

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Trump is ready to impose heavy duties on oil imports

The United States is ready to impose heavy oil import duties if the situation with energy prices does not change. This was stated by US President Donald Trump, CNBC reports . According to Trump, the introduction of duties depends on whether OPEC and Russia can agree on such a reduction in production, which will change the situation in the oil market. “Yes, I

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Putin Says Russia Ready to Cooperate on Cutting Oil Production

The world’s biggest oil producers will discuss a record round of production cuts by video conference Monday. Russia is ready to cooperate with Saudi Arabia and the United States to cut oil production, President Vladimir Putin said Friday. Putin said Russia was willing to make agreements within the framework of the OPEC+ group and that “we are ready for cooperation

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CNBC: Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low

International benchmark Brent crude shed 14.1%, or $4.07, to trade at $24.67, its lowest level since 2003. Oil dropped 24% to a more than 18-year low on Wednesday as the coronavirus pandemic continues to sap demand for crude, and as rising worries about a global recession lead to fears of longer-term demand destruction. U.S. West Texas Intermediate crude fell 24.4%,

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Oil slumps below $30 a barrel as coronavirus spreads, OPEC rancor remains elevated – Reuters

Many forecasters have adjusted down estimates on demand for crude, as the virus disrupts business activity, travel and daily life. Oil prices fell below US$30 a barrel on Monday as the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession. Top global oil producers Saudi

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Former Ambassador Jon Huntsman Jr. says Russia ‘shaking in their boots’ as oil prices tank

Russia is “shaking in their boots” as oil prices continue to plunge, Utah Republican gubernatorial candidate and former U.S. Ambassador Jon Huntsman Jr. stated Tuesday. Triggered by the multiplying threat of coronavirus, oil prices fell 30 percent at the start of the week, the largest one-time drop since the 1991 Gulf War. In an interview on “Fox & Friends” with host Brian Kilmeade, Huntsman said Russia and President Vladimir Putin are concerned about the United States taking more

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Putin starts war on U.S. shale oil industry

The move is seen as retaliation for American sanctions hindering Nord Stream 2 gas pipe completion. On Friday, Russia’s energy minister Alexander Novak told his Saudi Arabian counterpart Prince Abdulaziz bin Salman at the OPEC HQ in Vienna that Russia was unwilling to cut oil production further. The Kremlin had decided that propping up prices as the coronavirus ravaged energy

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Saudi Arabia launches price war in response to disruption of oil deal with Russia

State-owned Saudi Aramco has offered oil buyers the biggest discounts in the last 20 years and promises to increase production by more than 2 million barrels per day. About it reports Bloomberg . The newspaper writes that Saudi Arabia plans to increase oil production in April in response to the breakdown of the OPEC + deal with Russia. On Saturday, March 7, Riyadh

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