• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 13 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 21 hours Uniper is over - Germany (Government) buys the Company
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 18 hours "How BlackRock Conquered the World" by James Corbett (all 3 parts)
  • 2 days "Oil prices likely not responsible for inflation and other energy insights by hedge fund manager Josh Young" - Kitco News interview by David Lin
  • 14 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 8 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 15 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
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

Premium Content

Why OPEC Should Worry About Russia’s Latest Oilfield

Russia’s largest oil company, Rosneft, has started domestic crude oil deliveries from one of the country’s biggest oilfields, the Russkoye field in the Arctic, just days before Russia and OPEC are set to sit down to discuss their ongoing production cuts, increasing the leverage of the non-OPEC powerhouse.

First oil from the field in the Yamal Peninsula has been sent via an oil pipeline, Rosneft said in a statement, adding that it hopes to deliver up 10 million tons of oil per year, or 200,000 bpd, from the field.

Rosneft has delayed the launch of the field due to Russia’s commitment to restrict oil production as part of the pact with OPEC to rebalance the market.

The start-up of the oilfield in the Arctic comes just a week before Russia and OPEC are scheduled to meet in Vienna next week to discuss how the OPEC+ group should proceed with their oil market-managing efforts next year.

The current crude production cut agreement expires in March 2020, and apprehension has started to build ahead of the OPEC+ meeting on December 5 and 6.

The market expects the group to come up with a decision next week—either to roll over the cuts, or to deepen them--otherwise analysts expect a sell-off in oil.

While OPEC’s de facto leader, Saudi Arabia, desperately needs higher oil prices ahead of Aramco’s IPO, Russian companies, including the biggest,

Related: 99 Oil Rigs Gone And Counting: Rig Count Falls Again

Rosneft and Lukoil, have been criticizing the OPEC+ deal, arguing that the cuts give more market share to U.S. shale and hinder Russian firms’ production expansion plans. 

Russia has not expressed yet any official views on the production cuts, as it has done ahead of every OPEC+ meeting over the past two years. But Russian President Vladimir Putin said last week that Moscow and OPEC have “a common goal” to keep the oil market balanced, and that Russia would continue to cooperate with the cartel to keep the market stable.

Russian Energy Minister Alexander Novak said last week that Russia needs to discuss with its OPEC partners the exclusion of gas condensate from Russia’s cap under the pact, as condensate isn’t exported, while it is included in Russia’s oil production statistics.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News