Russian Oil and Gas Industry: News

AlfaT8 wrote:

sepheronx wrote:

Karl Haushofer wrote:

George1 wrote:Russia is not going to cut oil production — Energy Minister

How many more years or decades can Russia maintain it's current output?

Very long time.  Hundreds of years with current fields.  With new fields, even longer.

Gas yes, but oil, not sure?

sepheronx wrote:There are plenty of Russian fields, especially untapped.  Recently more wells appeared in Russia.  Was on sdelanounas.

Moscow. November 16th. INTERFAX.RU - On the oil market is reducing the imbalance of supply and demand, excess supply will be liquidated in the second half of 2016, he told reporters Russian Energy Minister Alexander Novak.

"What we believe is happening in the oil market? Who is reducing imbalances, the gradual reduction of the imbalance between supply and demand. It is estimated somewhere, this imbalance in the 1.5-2 million barrels per day at the beginning of the fall in prices" . - he said.

"Today, we see that in the US where some 500 thousand barrels per day has fallen in comparison with the month of April. In general, there are other countries that are at low prices reduced production volumes," - continued the Minister.

At the same time, according to Nowak, quickly reduced the imbalance can not be, so now the prices are quite low.

According the Ministry of Energy, which is based on the data of the majority of experts of the oil industry, the imbalance between supply and demand must disappear in the second half of 2016. At this point, it should disappear over the supply of oil, which exceeds the increase in demand.

Oil prices in the medium term

According to Novak, the price of oil in the medium term in the $ 50-60 per barrel to reflect the balance of supply and demand. "As prices are difficult to predict, and, you know, there are so many different factors affect the price. I have earlier said that the price in the medium term, $ 50-60, in my opinion, will reflect a balance of supply and demand", - said, he.

The Minister added that there are more fundamental assessment. For example, if the balance of supply and demand will turn in favor of the demand, the price of oil could rise significantly. "We do not exclude it, but I would not want to predict it, it's a thankless job," - said Novak, adding that it is better to focus on averages, which are incorporated, including in the budget.

Consultations with OPEC

Novak also said that OPEC is ready for consultations with Russia to assess the situation on the oil market. At the expert level there is agreement that the consultations will continue in mid-December. "We focus on mid-December. The signals are that there is a desire to such a meeting to be held, but it needs to carry out organizational work with all countries to agree," - said the minister, adding that if the agreement is reached, Russia is ready to participate in such a meeting .

Novak believes that the consolidated position of OPEC to reduce oil production there, although there are some countries that offer such an approach.

Energy Minister also said that he expected investment in the Russian oil sector this year will increase to expect 1 trillion 188 billion rubles. This is the case of vertically integrated companies in the oil complex.

Energy Ministry forecasts growth in oil production in Russia in 2015 to 533 million tons (last year was 526.3 million tons).

sepheronx wrote:http://tass.ru/en/economy/840644

So they propose safer method is keeping Ukraine as transit country? Lol.  I think it is high time Russia just builds a hub on the borders and EU countries then have to pau for the shipments themselves while Russia just gets its money.  Cancel all current contracts, no more discounts and simple as that.  They can purchase gas from the upcoming LNG plant.

God damn the Europeans are retarded.

sepheronx wrote:US dirty hands in this?
http://sputniknews.com/politics/20151201/1031067157/usa-nord-stream-2.html

PapaDragon wrote:
Bloomberg be surprised...

  Siberian Surprise: Russian Oil Patch Just Keeps Pumping  

http://www.bloomberg.com/news/articles/2015-12-20/siberian-surprise-russian-oil-patch-just-keeps-pumping


  Siberian Surprise: The Numbers Behind Russia's Oil Resilience  

http://www.bloomberg.com/news/articles/2015-12-20/siberian-surprise-the-numbers-behind-russia-s-oil-resilience

“I will tell you when Russian companies are for sure going to decrease production -- when oil costs $0,” Deputy Energy Minister Kirill Molodtsov said at an industry event in Moscow this month.

Die Bundesregierung will trotz heftiger Kritik aus Osteuropa und aus der CDU die geplante neue Ostseepipeline zwischen Russland und Deutschland nicht stoppen. Der Bau der Nord-Stream-2-Pipeline sei eine unternehmerische Entscheidung der beteiligten deutschen und russischen Firmen, heißt es im Kanzleramt. "Wir pushen die Sache nicht, und wir bekämpfen sie nicht." Ob das Projekt gegen Europarecht verstoße, müsse die EU-Kommission prüfen. Kritiker beklagen, der Bau würde die Abhängigkeit von russischem Gas verstärken. Der slowakische Außenminister Miroslav Lajčák sagt: "Wir haben ernste Zweifel, was dieses Projekt betrifft." Nord Stream 2 trage nicht zur notwendigen Diversifizierung der europäischen Energieversorgung bei. Außerdem würde das Vorhaben die Ukraine schädigen und vom Gas-Transit nach Europa abschneiden, kritisiert Lajčák. Auch CDU-Bundestagsabgeordnete wie der Vorsitzende des Auswärtigen Ausschusses, Norbert Röttgen, hatten geklagt, Nord Stream 2 widerspreche dem Ziel, die Abhängigkeit von russischem Gas zu verhindern.

Warsaw wants planned gas pipelines delivering Russian gas to Europe, such as Nord Stream 2, to run through Poland, Foreign Minister Witold Waszczykowski said Monday.