• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 27 mins Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 1 hour Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 2 hours Total nonsense in climate debate
  • 21 hours IMO 2020 could create fierce competition for scarce water resources
  • 7 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 1 day IMO2020 To scrub or not to scrub
  • 11 hours Theresa May to Step Down
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 3 hours Will Canada drop Liberals, vote in Conservatives?
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 1 day Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 3 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 3 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
Alt Text

How Trump And Xi Killed The Oil Rally

The U.S.-China trade war appears…

Alt Text

Headline Hysteria Suggests Tesla Reversal

There’s been good reason to…

Alt Text

The Next $4 Trillion Democratic Party Climate Change Plan

Former Maryland Congressman John Delaney…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

Russian Energy Minister: We Avoided $25 Oil With OPEC Deal

The OPEC/non-OPEC production cut agreement has significantly benefited Russia’s budget and companies, as it put a floor under oil prices, Russian Energy Minister Alexander Novak said on Thursday.

Oil prices could have dropped to US$25 a barrel if OPEC and its Russia-led non-OPEC allies hadn’t started to curtail production in 2017, Novak said at the Russian Investment Forum in Sochi today.

Without the OPEC deal, oversupply would have been significant, inventories today would have been much higher than the five-year average, and the pressure on prices would have been significant, the Russian minister said.  

Novak’s remarks come days after reports emerged that Igor Sechin, the chief executive of Russia’s largest oil producer Rosneft, had written a letter to Vladimir Putin, arguing that Russia should quit the OPEC+ deal, which, according to Sechin, threatens Russia’s market share while it benefits the United States.

Novak, while not commenting on those reports, said that the deal has significantly benefited Russia’s budget revenues and companies over the past two years.

In the past two years, the OPEC/non-OPEC deal has poured in additional US$89.6 billion (6 trillion Russian rubles) into Russia’s budget, while companies have received US$30 billion - US$37 billion (2 trillion-2.5 trillion rubles), Novak said at the Sochi forum, noting that those estimates are very conservative and based on an oil price premium of US$10 a barrel from the production cut deal.  

Referring to Russia’s share of the cuts, Novak said that as of February 14, the country had reduced its production by 80,000 bpd-90,000 bpd from October levels.

Russia is taking the lion’s share of the non-OPEC cuts and pledged to reduce production by 230,000 bpd from October’s 11.421 million bpd level, to 11.191 million bpd.

Russia has repeatedly said that due to weather and geological conditions in the cold Russian winter, it cannot cut its oil production too quickly.

Novak said today that the companies would be trying to accelerate the cuts to reach the target by April.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Martin F on February 15 2019 said:
    High pirce = lower demand and economy growth slowdown. If fuel cost is too high people will just use it less or switch to EVs. Same with plastic. It's a dead end. OPEC cutting production will only harm themselfs in a longterm.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News