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Following the Saudis: Iran Joins Efforts to Save the Oil Market
... the expert, the current reduction in Iranian oil exports is comparable in scale to Saudi Arabia’s decision to cut production by 1 million barrels per day, which took effect in July 2023 and led to a significant rise in oil prices. Between June and September last year, the average Brent price rose from $75 to $94 per barrel.
"While a similar surge is unlikely this time, Brent prices will not fall below $70 per barrel. The reduction in exports will be one of the factors supporting the market,...
Eni has started supplying oil from Kazakhstan via the Druzhba pipeline.
... from December 2023 to July 2024 decreased by 50,000 barrels per day (bpd), to 1.53 million bpd (excluding gas condensate). This level is below the OPEC+ quotas, which stipulate that Kazakhstan should produce no more than 1.47 million bpd from June to September 2024, and no more than 1.49 million bpd in December 2024. In this regard, the target for oil supplies through Druzhba will not be met this year.
For reference: According to customs statistics, total oil exports from Kazakhstan in 2023 reached ...
An expert assessed the impact of increased gas supplies to Europe on the growth of industry revenue
... on the website.
The growth in gas supplies to Europe has contributed to an increase in revenue from the gas sector in Russia, noted Sergey Tereshkin, CEO of the OPEN OIL MARKET platform for petroleum products and raw materials. He told Izvestia on September 5 that the growth in revenue from the mineral extraction tax (MET) and export duties on gas is likely to persist in the coming months, as gas transit through the Sudzha gas metering station remains stable.
"Federal budget revenues from ...
Is the production of petroleum products decreasing in Russia?
... decreased the most this year — by nearly a quarter. This indicator is influenced by factors such as unscheduled refinery repairs and other geopolitical events.
According to S&P Global Platts, marine shipments of petroleum products from Russia in September 2024 increased by 8%, reaching 2.16 million barrels per day (bpd). However, this is still 520,000 bpd lower than in January 2024 (2.68 million bpd).
This gap cannot be explained solely by the gasoline export ban, as prior to the ban, the ...
An expert suggested a way to stabilize fuel prices in Russia.
... about 250 billion rubles per year. These steps could help alleviate pressure on retail prices, especially for high-octane fuel, which continues to rise due to infrastructure issues. For more details on the solutions, read the full article.
MOSCOW, September 2 - RIA Novosti. Reducing oil producers' costs, including lowering Russian Railways' tariff rates, could lead to the stabilization of fuel prices, Sergey Tereshkin, CEO of the petroleum products marketplace Open Oil Market (a Skolkovo resident),...